GOLD PRICE CLOSED DOWN $20.60 TO $2327.90

SILVER PRICE DOWN $1.08 TO $29.55

Gold ACCESS CLOSED $2327,25

Silver ACCESS CLOSED: $29.54

Bitcoin morning price:$68,885 DOWN 1795 DOLLARS.

Bitcoin: afternoon price: $70,587 DOWN 93 dollars

Platinum price closing  DOWN $24.60 TO $995.90

Palladium price; UP $2.80 AT $919.70

END

SHANGHAI GOLD PREMIUM 43 DOLLARS/COMEX GOLD

SHANGHAI GOLD

I will now provide gold in Canadian dollars, British pounds and Euros

4: 15 PM ACCESS

*CANADIAN GOLD: $3182.79 DOWN 20,77 CDN dollars per oz( * NEW ALL TIME HIGH 3,305.30 CDN DOLLARS PER OZ//MAY 20 2024)

*BRITISH GOLD: 1822.24 DOWN 12.46 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024

*EURO GOLD: 2139,07 DOWN 15.91 Euros per oz //* (ALL TIME CLOSING HIGH: 2248.89 EUROS PER OZ//APRIL 16.2024)

DONATE

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END

EXCH: COMEX

EXCHANGE: COMEX
CONTRACT: JUNE 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,346.600000000 USD
INTENT DATE: 06/03/2024 DELIVERY DATE: 06/05/2024
FIRM ORG FIRM NAME ISSUED STOPPED

---

099 H DB AG 97
118 H MACQUARIE FUT 39
132 C SG AMERICAS 515
167 C MAREX 1
323 C HSBC 3
363 H WELLS FARGO SEC 12
435 H SCOTIA CAPITAL 48
657 C MORGAN STANLEY 9
661 C JP MORGAN 160
661 H JP MORGAN 169
685 C RJ OBRIEN 1
686 C STONEX FINANCIA 8 11
690 C ABN AMRO 43 3
732 C RBC CAP MARKETS 6
737 C ADVANTAGE 51 2
880 H CITIGROUP 61
905 C ADM 1

---

TOTAL: 620 620
MONTH TO DATE: 27,481

JPMorgan stopped 329/620

FOR JUNE 2024 

GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024. CONTRACT: 620 NOTICES FOR 62,000 OZ  or  1.9284 TONNES

total notices so far: 27,481 contracts for 2,748,100  Oz (85.477 tonnes)

FOR  JUNE:

SILVER NOTICES: 120 NOTICE(S) FILED FOR 600,000 OZ/

total number of notices filed so far this month : 875 for 4.575 million oz

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END

GLD/

BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL

THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.

WITH GOLD DOWN $20.60

INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD/ :

NO CHANGES IN GOLD INVENTORY AT THE GLD:

/ /INVENTORY RESTS AT 832.21TONNES

INVENTORY RESTS AT 832.21 TONNES

SLV//

WITH NO SILVER AROUND AND SILVER DOWN $1.08 AT THE SLV//

NO CHANGES IN SILVER INVENTORY AT THE SLV:

// INVENTORY LOWERS TO 413.775 MILLION OZ/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 413,775 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY A HUGE SIZED 1464 CONTRACTS TO 181,898 AND CONTINUING ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR GAIN OF $0.35 IN SILVER PRICING AT THE COMEX ON MONDAY’S TRADING ON SILVER. WE HAD ZERO LONG LIQUIDATION AS WE HAD A NET GAIN OF 2104 CONTRACTS ON OUR TWO EXCHANGES. WE, AGAIN HAD SHORT COVERING BY OUR SPECS WITH THE GAIN IN PRICE AS WELL AS MASSIVE T.A.S. LIQUIDATION.  WE HAD ANOTHER HUGE SIZED 755 T.A.S ISSUANCE AND THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH/AS WELL AS TODAY. PLEASE NOTE THAT THE CROOKS NEED A HIGHER SILVER/GOLD T.A.S. TO CARRY ON THEIR CROOKED MANIPULATION ON A DAILY BASIS BUT DEMAND IS JUST TOO HIGH FOR THEM. THE HIGHER ISSUANCE OF T.A.S. IS NOW USED TO TEMPER OUR SILVER/GOLD PRICE RISE OR RAID

CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.  THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS:  1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON MONDAY NIGHT: 755 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE  OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND TODAY;S TRADING.

WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023//  OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.35) BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE DID HAVE A HUGE SIZED GAIN OF 2104 CONTRACTS ON OUR TWO EXCHANGES WITH THE  GAIN IN PRICE OF $0.35

.

WE  MUST HAVE HAD:

A STRONG SIZED 640 CONTRACT  ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.830MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S 765,000 OZ QUEUE JUMP

//NEW STANDING FOR SILVER//JUNE IS THUS 4.685 MILLION OZ 

WE HAD:

/ HUGE SIZED COMEX OI GAIN //HUGE SIZED EFP ISSUANCE/ VI)  HUGE SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 755 CONTRACTS)/

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL ADDED  A MONSTEROUS 468  CONTRACTS //

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JUNE ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF JUNE

TOTAL CONTRACTS for 2 DAYS, total 1805 contracts:   OR 9.025 MILLION OZ  (903 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  9.025 MILLION OZ

LAST 23 MONTHS TOTAL EFP CONTRACTS ISSUED  IN MILLIONS OF OZ:

MAY 137.83 MILLION

JUNE 149.91 MILLION OZ

JULY 129.445 MILLION OZ

AUGUST: MILLION OZ 140.120

SEPT. 28.230 MILLION OZ//

OCT:  94.595 MILLION OZ

NOV: 131.925 MILLION OZ

DEC: 100.615 MILLION OZ

YEAR 2022:

 JAN 2022-DEC 2022

JAN 2022//  90.460 MILLION OZ

FEB 2022:  72.39 MILLION OZ//

MARCH 2022: 207.140  MILLION OZ//A NEW RECORD FOR EFP ISSUANCE

APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE

MAY: 105.635 MILLION OZ//

JUNE: 94.470 MILLION OZ

JULY : 87.110 MILLION OZ

AUGUST: 65.025 MILLION OZ

SEPT. 74.025 MILLION OZ///FINAL

OCT.  29.017 MILLION OZ FINAL

NOV: 134.290 MILLION OZ//FINAL

DEC, 61.395 MILLION OZ FINAL

TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)

JAN 2023///   53.070 MILLION OZ //FINAL

FEB: 2023:       100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.

MARCH 2023:  112.58 MILLION OZ//FINAL//STRONG ISSUANCE

APRIL  111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)

MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)  

JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH

JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)

AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD

SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)

OCT: 97.455 MILLION OZ

NOV.  50.050 MILLION OZ 

DEC. 66.140 MILLION OZ//

TOTAL 2023: 1,104.10 MILLION OZ/

JAN ’24 : 78.655 MILLION OZ//

FEB /2024 : 66.135 MILLION OZ./FINAL

MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.

APRIL: 161.770 MILLION OZ (THIS MONTH WILL PROBABLY BE A WHOPPER OF ISSUANCE OF EFPS//3RDHIGHEST EVER RECORDED FOR A MONTH)

MAY: 135.995 MILLION OZ  //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE

JUNE 9.025 MILLION OZ

RESULT: WE HAD A HUMONGOUS SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 996 CONTRACTS WITH OUR GAIN IN PRICE OF SILVER PRICING AT THE COMEX//MONDAY.,.  THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE  CONTRACTS: 640 ISSUED FOR JULY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH  EXITED OUT OF THE SILVER COMEX TO LONDON  AS FORWARDS.  WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR JUNE OF  3.830 MILLION  OZ ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 765,000 OZ QUEUE JUMP

//NEW TOTAL STANDING FOR JUNE 4.685 MILLION OZ 

WE HAVE A HUGE SIZED GAIN OF 2104  OI CONTRACTS ON THE TWO EXCHANGES WITH THE GAIN IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE SIZED 755 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE MONDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS AND ZERO LIQUIDATION OF LONGS. 

THE NEW TAS ISSUANCE MONDAY NIGHT   (755) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .

WE HAD 120 NOTICE(S) FILED TODAY FOR 600,000 OZ

THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A STRONG SIZED 4165 OI CONTRACTS  TO 455,086 AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799,733  AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110, BUT WE ARE NOW MUCH FURTHER FROM OUR ALL TIME LOW OF 390,000 CONTRACTS.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 237 CONTRACTS

WE HAD A STRONG SIZED DECREASE  IN COMEX OI (4165 CONTRACTS) OCCURRED DESPITE OUR GAIN OF $22.45  IN PRICE/MONDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER. WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JUNED AT 89.804 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 12,800 OZ QUEUE JUMP AS BANKERS SCOUR THE PLANET LOOKING FOR GOLD ON THIS SIDE OF THE POND

NEW STANDING  88.761 TONNES// ALL OF THIS HAPPENED WITH OUR  $22.45 GAIN IN PRICE  WITH RESPECT TO MONDAY’S TRADING. WE HAD A SMALL SIZED LOSS OF 27 OI CONTRACTS (0.0839 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1438 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 455,086

IN ESSENCE WE HAVE A VERY SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 27 CONTRACTS  WITH 4,165 CONTRACTS DECREASED AT THE COMEX// AND A STRONG SIZED 4138 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 27 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED 1438 CONTRACTS,,

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4138 CONTRACTS) ACCOMPANYING THE  STRONG SIZED LOSS IN COMEX OI OF 4,165 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 27 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT  ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR JUNE AT 88.761 TONNES 

//NEW STANDING /JUNE 88.761 TONNES. 

 / 3) STRONG LIQUIDATION OF CONTRACTS MOSTLY DUE TO TAS ALONG WITH ZERO LONG SPECS BEING CLIPPED,

.

//  4)  STRONG SIZED COMEX OPEN INTEREST LOSS 5)  STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S.  ISSUANCE: 1438 CONTRACTS//

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023-2024 INCLUDING TODAY

MAY

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JUNE. :

TOTAL EFP CONTRACTS ISSUED: 7505 CONTRACTS OR 750,500 OZ OR 23.343 TONNES IN 2 TRADING DAY(S) AND THUS AVERAGING: 3752 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 2 TRADING DAY(S) IN  TONNES  23,343 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS  23.343 DIVIDED BY 3550 x 100% TONNES = 0.648% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

 FEB  :  171.24 TONNES  ( DEFINITELY SLOWING DOWN AGAIN)..

MARCH:.   276.50 TONNES (STRONG AGAIN/

APRIL:      189..44 TONNES  ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)

MAY:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      247.54 TONNES (FINAL)

JULY:        188.73 TONNES FINAL

AUGUST:   217.89 TONNES FINAL ISSUANCE.

SEPT          142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT:           141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

NOV:           312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP

DEC.           175.62 TONNES//FINAL ISSUANCE//

TOTALS: 2,578.08 TONNES/2021

JAN:2022   247.25 TONNES //FINAL

FEB:           196.04 TONNES//FINAL

MARCH/2022:  409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.

APRIL:  169.55 TONNES (FINAL VERY  LOW ISSUANCE MONTH)

MAY:  247.44 TONNES FINAL//

JUNE: 238.13 TONNES  FINAL

JULY: 378.43 TONNES FINAL

AUGUST: 180.81 TONNES FINAL

SEPT. 193.16 TONNES FINAL

OCT:  177.57  TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)

NOV.  223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)

DEC:  185.59 tonnes // FINAL

TOTAL: 2,847,25 TONNES/2022

JAN 2023:    228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!

FEB: 151.61 TONNES/FINAL

MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)

APRIL: 197.42 TONNES

MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)

JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)

JULY:  151.69 TONNES (WEAKER THAN LAST MONTH)

AUGUST:  195.28 TONNES (A STRONGER MONTH)//FINAL

SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)

OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.

NOV.   239.16 TONNES//WILL BE STRONG THIS MONTH,

DEC. 213.704 TONNES. A STRONG MONTH//

TOTAL FOR YEAR 2023: 2,569.57 TONNES VS  2578 TONNES LAST YEAR

JAN ’24:     291.76 TONNES (WILL BE MUCH GREATER THAN LAST MONTH.//3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL)

FEB’24: 201.947 TONNES

MARCH 2024: 352.21 TONNES//2ND HIGHEST EVER RECORDED EFP ISSUANCE.

APRIL: 267.05TONNES (WILL BE AN EXTREMELY STRONG MONTH BUT LESS THAN MARCH 2024)

MAY; 316.606 TONNES (WILL BE ANOTHER STRONG MONTH// 3RD HIGHEST RECORDED EFP ISSUANCE )// NOTICE THE HUGE INCREASES IN EX FOR PHYSICAL THESE PAST FEW MONTHS. THESE CONTRACTS ARE CIRCLED BACK FROM LONDON WHEREBY METAL IS REMOVED FROM THE COMEX.

JUNE 23.343 tonnes

SPREADING OPERATIONS

(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS

SPREADING LIQUIDATION HAS NOW COMMENCED   AS WE HEAD TOWARDS THE  NEW  ACTIVE FRONT MONTH OF JUNE. WE ARE NOW INTO THE SPREADING OPERATION OF  GOLD

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE  NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF FEB., FOR  GOLD: AND MARCH FOR SILVER

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (APRIL), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.

The crooks also use the spread in the TAS  account  (trade at settlement).  They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle  of the  front delivery month cycle. They unload the sell side of the equation, two months down the road.  The crooks violate position limits as the OCC refuse to hear our complaints.

First, here is an outline of what will be discussed tonight:

1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A HUMONGOUS SIZED  1464 CONTRACTS OI  TO 181,898 AND CLOSER TO THE COMEX HIGH RECORD //244,710( SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  6 YEARS AGO.  HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE 640 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

JULY 640  and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 640 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE COMEX OI GAIN OF 1464 CONTRACTS AND ADD TO THE 640 E.FP. ISSUED

WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2104 CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  TOTALS 10.50 MILLION OZ 

OCCURRED WITH OUR  $0.35 GAIN IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES

(Peter Schiff)

c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens

ii a) Chris Powell of GATA provides to us very important physical commentaries

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS//

TUESDAY MORNING/MONDAY  NIGHT

SHANGHAI CLOSED UP 12.71 PTS OR 0.41% //Hang Seng CLOSED UP 41.07 PTS OR 0.22%// Nikkei CLOSED DOWN 85.57 OR 0.22%//Australia’s all ordinaries CLOSED DOWN .31%///Chinese yuan (ONSHORE) closed UP TO 7,2394 CHINESE YUAN OFFSHORE CLOSED UP TO 7.2456/ Oil DOWN TO 72.87 dollars per barrel for WTI and BRENT DOWN AT 77.03 /Stocks in Europe OPENED ALL RED

ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3  CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A GOOD SIZED 4,138 CONTRACTS  TO 455,086 DESPITE OUR HUGE GAIN IN PRICE OF $22.45 WITH RESPECT TO MONDAY TRADING. WE HAD CONSIDERABLE T.A.S. LIQUIDATION ON MONDAY WITH ZERO LONGS BEING CLIPPED.

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF JUNE.…  THE CME REPORTS THAT THE BANKERS ISSUED A  HUGE SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS A STRONG SIZED 4138 EFP CONTRACTS WERE ISSUED: :  AUGUST 4138 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:4138 CONTRACTS.

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A TINY SIZED TOTAL OF 27 CONTRACTS IN THAT 4138 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A GOOD SIZED LOSS OF 4165 COMEX  CONTRACTS..AND THIS SMALL LOSS ON OUR TWO EXCHANGES HAPPENED DESPITE OUR HUGE GAIN IN PRICE OF $22.45// MONDAY COMEX.  AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR MONDAY NIGHT WAS A FAIR SIZED 1438 CONTRACTS. MOST OF THE TRADING AND SUPPLY OF CONTRACTS  WAS ORCHESTRATED BY GOVERNMENT (FEDERAL RESERVE BANK OF NEW YORK)

THROUGHOUT THE PAST SEVERAL WEEKS, THE BANKERS CONTINUE TO SELL OFF THE LONG SIDE OF THE SPREAD WHICH  OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE//. IT SEEMS THAT OUR CROOKS ARE HAVING A HARD TIME TRYING TO CONTROL THE PRICE OF GOLD AND THUS THE NEED FOR STRONG T.A.S. ISSUANCE. THE USE OF T.A.S. TODAY IS OF EXTREME IMPORTANCE TO OUR CROOKS IN YESTERDAY’S TRADING

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING:   JUNE  (88.712 TONNES

HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 42 MONTHS OF 2021-2024:

DEC 2021: 112.217 TONNES

NOV.  8.074 TONNES

OCT.    57.707 TONNES

SEPT: 11.9160 TONNES

AUGUST: 80.489 TONNES

JULY 7.2814 TONNES

JUNE:  72.289 TONNES

MAY 5.77 TONNES

APRIL  95.331 TONNES

MARCH 30.205 TONNES

FEB ’21. 113.424 TONNES

JAN ’21: 6.500 TONNES.

TOTAL  YEAR  2021 (JAN- DEC): 601.213 TONNES

YEAR 2022:

JANUARY 2022  17.79 TONNES

FEB 2022: 59.023 TONNES

MARCH: 36.678 TONNES

APRIL: 85.340 TONNES FINAL.

MAY: 20.11 TONNES FINAL

JUNE: 74.933 TONNES FINAL

JULY 29.987 TONNES FINAL

AUGUST:104.979 TONNES//FINAL

SEPT.  38.1158 TONNES

OCT:  77.390 TONNES/ FINAL

NOV 27.110 TONNES/FINAL

Dec. 64.000 tonnes

(TOTAL  YEAR 656.076 TONNES)

2023:

JAN/2023:    20.559 tonnes

FEB 2023: 47.744 tonnes

MAR:  19.0637 TONNES

APRIL: 75.676  tonnes

MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk =  20.338

JUNE: 64.354 TONNES

JULY: 10.2861 TONNES

AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)

SEPT: 15.281 TONNES FINAL

OCT.    35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes

NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK   = 34.9627 TONNES

DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK =  51.707 TONNES

TOTAL 2023 YEAR : 436.546 TONNES

2024

JAN ’24.      22.706 TONNES

FEB. ’24:  66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)

MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES

APRIL: 2024: 53.673TONNES FINAL

MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/PRIOR= 11.9325

JUNE; 88.712 TONNES. THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022

THE SPECS/HFT WERE  UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY  $22.45 //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A TINY LOSS OF 27 CONTRACTS ON MONDAY WITH OUR TWO EXCHANGES DESPITE THE HUGE GAIN IN PRICE. THE T.A.S. ISSUED ON MONDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.

WE HAVE GAINED A TOTAL OI OF 0.6532 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL  GOLD TONNAGE STANDING FOR JUNE (89.804 TONNES) ON FIRST DAY NOTICE FOLLoWED BY TODAY’S QUEUE JUMP OF 128 CONTRACTS OR 12,800 OZ (0.398 TONNES)

NEW STANDING FOR JUNE: 88.712 TONNES

ALL OF THIS WAS ACCOMPLISHED WITH OUR HUGE GAIN  IN PRICE  TO THE TUNE OF $22.45

WE HAVE REMOVED 237 CONTRACTS  FROM THE  COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL

NET LOSS ON THE TWO EXCHANGES 27 CONTRACTS OR 2700 (0.0839 TONNES)

confirmed volume MONDAY 180,431 contracts// poor

//speculators have left the gold arena

JUNE 4       JUNE  GOLD CONTRACT

/ /// THE JUNE 2024 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	NIL oz           .
Deposit to the Dealer Inventory in oz	0 oz
Deposits to the Customer Inventory, in oz	nil OZ
No of oz served (contracts) today	620 notice(s) 62000 OZ 1.9284 TONNES
No of oz to be served (notices)	1040 contracts    104,000 OZ 3.2348 TONNES
Total monthly oz gold served (contracts) so far this month	27481 notices 2,748,100 oz 85.477 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month	NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month	x

0 dealer deposits:

total dealer deposits:  NIL oz

we have 0 customer deposit:

total deposit nil oz

total customer withdrawals: 0

TOTAL WITHDRAWALS nil 0z

Adjustments: 1

dealer to customer Brinks 4,843,932 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE

For the front month of JUNE we have an oi of 1660 contracts having LOST 5,319 contracts. We had 5447 contracts served on Monday so we gained 128 contracts or 12,800 oz additional oz will stand for gold at the comex as a queue jump.

JULY LOST 48 CONTRACTS TO STAND AT 2083

AUGUST GAINED 638 CONTRACTS UP TO 379,458 CONTRACTS

We had 620 contracts filed for today representing 62,000  oz  

This is a major assault on the comex for gold and this time it is physical that will be requested.

Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 620 contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 329 notice(s) was (were) stopped  (received) by J.P.Morgan//customer account   

To calculate the INITIAL total number of gold ounces standing for June /2024. contract month, we take the total number of notices filed so far for the month (27,481) x 100 oz ) to which we add the difference between the open interest for the front month of  JUNE (1660 CONTRACTS)  minus the number of notices served upon today  (620 x 100 oz per contract( equals  2,852,100 OZ  OR 88.712 TONNES.

thus the INITIAL standings for gold for the JUNE contract month:  No of notices filed so far (27,481 x 100 oz +we add the difference for front month of June  (1660 OI} minus the number of notices served upon today (620) x 100 oz which equals  2,852,100 oz (88.712 TONNES) 

TOTAL COMEX GOLD STANDING FOR JUNE: 88.712 TONNES WHICH IS ABSOLUTELY HUGE FOR THIS  VERY ACTIVE DELIVERY MONTH IN THE CALENDAR.  JUNE IS TRADITIONA;LLLY THE 2ND HIGHEST DELIVERY MONTH OF THE YEAR. FROM THIS POINT WE WILL GAIN IN GOLD TONNAGE WILLING TO STAND AT THE COMEX

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX84XXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 OZ PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 oz

total pledged gold: 1,558,487.369  48.47 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD:  17,673,584.310 OZ  

TOTAL REGISTERED GOLD 7,968,033.348 ( 247.83 tonnes).

TOTAL OF ALL ELIGIBLE GOLD: 9,705,550.992 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 6,409 548 oz (REG GOLD- PLEDGED GOLD)= 199.36 tonnes //

END

SILVER/COMEX

JUN  4/2024

INITIAL

//2024// THE JUNE 2024  SILVER CONTRACT//INITIAL

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	583,936 473 oz cnt delaware .
Deposits to the Dealer Inventory	nil OZ
Deposits to the Customer Inventory	nil oz
No of oz served today (contracts)	120 CONTRACT(S)    (600,000 OZ)
No of oz to be served (notices)	62 contracts  (0.310 million oz)
Total monthly oz silver served (contracts)	875 Contracts  (4.575 MILLION oz)
Total accumulative withdrawal of silver from the Dealers inventory this month	NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

i)  0 dealer  deposit

total dealer deposit : nil oz

i) We had  0 dealer withdrawal

total dealer withdrawals: 0 oz

We had  0 deposits customer account:

total customer deposit nil oz

JPMorgan has a total silver weight: 128.167million oz/298.167 million  or 42.95%

adjustment: 0//

Comex withdrawals: 0

total withdrawal: nil 0z

TOTAL REGISTERED SILVER: 62.494MILLION OZ//.TOTAL REG + ELIGIBLE. 298.167

million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE:

silver open interest data:

FRONT MONTH OF JUNE/2024 OI: 182 CONTRACTS HAVING GAINED 108 CONTRACT(S). 

WE HAD 45 NOTICES SERVED UP ON MONDAY, SO WE GAINED 153 CONTRACTS OR AN ADDITIONAL 765,000 OZ WILL STAND AT THE COMEX VIA A QUEUE JUMP

JULY SAW A LOSS OF 911 CONTRACTS DOWN TO 136,718

AUG, SAW A GAIN OF 25 CONTRACTS TO 53

SEPT SAW A GAIN OF 1933 CONTRACTS TO 30,448.

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 120 for 600,000 oz

CONFIRMED volume; ON MONDAY 93,525 huge

To calculate the number of silver ounces that will stand for delivery in JUNE we take the total number of notices filed for the month so far at 875 x 5,000 oz = 4.575 MILLION oz 

to which we add the difference between the open interest for the front month of JUNE ((182) and the number of notices served upon today 120 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the JUNE/2024 contract month:  875 notices served so far) x 5000 oz + OI for the front month of JUNE (182)x number of notices served upon today minus (120)x 5000 oz of silver standing for the JUNE  contract month equates to 4.685 MILLION OZ.  

 New total standing: 4.685 million oz.

There are 62.494 million oz of registered silver.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44.

Now that we have surpassed $28.40 the next big line in the sand for silver is $34.76. After that the moon

END

GLD AND SLV INVENTORY LEVELS//

BOTH GLD AND SLV ARE MASSIVE FRAUDS!

JUNE 4 WITH GOLD DOWN $20.60 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD: / //NEW TOTAL TONIGHT 832.21 TONNES

JUNE 3 WITH GOLD UP $22.85 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD: / //NEW TOTAL TONIGHT 832.21 TONNES

MAY 31 WITH GOLD DOWN $19.40 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD: / //NEW TOTAL TONIGHT 832.21 TONNES

MAY 30 WITH GOLD UP $3.60 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD: / //NEW TOTAL TONIGHT 832.21 TONNES

MAY 29 WITH GOLD DOWN $13.55 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD: / //NEW TOTAL TONIGHT 832.21 TONNES

MAY 28 WITH GOLD UP $22.00 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.15 TONNES OF GOLD FROM THE GLD// //NEW TOTAL TONIGHT 832.21 TONNES

MAY 24 WITH GOLD DOWN $2.25 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 5.18 TONNES OF GOLD FROM THE GLD// //NEW TOTAL TONIGHT 833.36 TONNES

MAY 23 WITH GOLD DOWN $53.00 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD: //NEW TOTAL TONIGHT 838.54 TONNES

MAY 22 WITH GOLD DOWN $32.10 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD: //NEW TOTAL TONIGHT 838.54 TONNES

MAY 21 WITH GOLD DOWN $12,00 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD: //NEW TOTAL TONIGHT 838.54 TONNES

MAY 20 WITH GOLD UP $21.30 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 5.10 TONNES OF GOLD INTO THE GLD//NEW TOTAL 838.54 TONNES

MAY 17 WITH GOLD UP $31.70 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//NEW TOTAL 833.36 TONNES

MAY 16 WITH GOLD DOWN $7.90 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD//A DEPOSIT OF 1.43 TONNES OF GOLD INTO THE GLD//NEW TOTAL 833.36 TONNES

MAY 15 WITH GOLD UP $34.90 ON THE DAY; SMALL CHANGES IN GOLD INVENTORY AT THE GLD//A DEPOSIT OF .600 TONNES OF GOLD INTO THE GLD/INVENTORY RISES TO 831.93 TONNES

MAY 14 WITH GOLD DOWN $17.10 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RISES TO 831.33 TONNES

MAY 13 WITH GOLD DOWN $31.10 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF .600 TONNES OF GOLD INTO THE GLD////INVENTORY RISES TO 831.93 TONNES

MAY 10 WITH GOLD UP $34.65 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD////INVENTORY REMAINS CONSTANT AT 830.47 TONNES

MAY 9 WITH GOLD UP $18.25 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD////INVENTORY REMAINS CONSTANT AT 830.47 TONNES

MAY 8 WITH GOLD DOWN $0.90 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.72 TONNES OF GOLD INTO THE GLD//INVENTORY RISES AT 830.47 TONNES

MAY 7 WITH GOLD DOWN $6.40 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.72 TONNES OF GOLD INTO THE GLD//INVENTORY RISES AT 832.19 TONNES

 MAY 6WITH GOLD UP $21.00 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .55 TONNES IF FGOLD FROM THE GLD//INVENTORY FALLS AT 831.64 TONNES

MAY 2 WITH GOLD UP $0.20 ON THE DAY; SMAKK CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.17 TONNES IF FGOLD FROM THE GLD//INVENTORY FALLS AT 830.47 TONNES

MAY 1 WITH GOLD UP $7.80 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD:INVENTORY RISES AT 832.19 TONNES

GLD INVENTORY: 832.21 TONNES, TONIGHTS TOTAL

Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them

JUNE 4 WITH SILVER DOWN $1.08  TODAY: NO CHANGES IN SILVER INVENTORY: //INVENTORY REMAINS AT 413.775 MILLION OZ

JUNE 3 WITH SILVER UP $0.35  TODAY: NO CHANGES IN SILVER INVENTORY: //INVENTORY REMAINS AT 413.775 MILLION OZ

MAY  31 WITH SILVER DOWN $1.09  TODAY: HUGE CHANGES IN SILVER INVENTORY: A MASSIVE WITHDRAWAL OF 3.655 MILLION OZ FROM THE SLV//INVENTORY LOWERS TO 413.775 MILLION OZ

MAY  30 WITH SILVER DOWN $0.80  TODAY: NO CHANGES IN SILVER INVENTORY//INVENTORY REMAINS AT 417.430 MILLION OZ

MAY  29 WITH SILVER UP $0.20  TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A HUGE WITHDRAWAL OF 1.051 MILLION OZ INTO THE SLV//INVENTORY DECREASES TO 417.430 MILLION OZ

MAY  28 WITH SILVER UP $1.64  TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A HUGE WITHDRAWAL OF 2.832 MILLION OZ INTO THE SLV//INVENTORY INCREASES TO 418.481 MILLION OZ

MAY  24 WITH SILVER UP $0.10  TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A DEPOSIT OF .822 MILLION OZ INTO THE SLV//INVENTORY INCREASES TO 421.313 MILLION OZ

MAY  23 WITH SILVER DOWN $1.00  TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 1.736 MILLION OZ FROM THE SLVINVENTORY INCREASES TO 420.491 MILLION OZ

MAY  22 WITH SILVER DOWN $0.66  TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV// INVENTORY INCREASES TO 422.227 MILLION OZ

MAY  21 WITH SILVER DOWN $0.41  TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV/A DEPOSIT OF 3.792 MILLION OZ FROM THE SLV// INVENTORY INCREASES TO 422.227 MILLION OZ

MAY  20 WITH SILVER UP $1.28  TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV/A WITHDRAWAL OF 1.005 MILLION OZ FROM THE SLV// INVENTORY LOWERS TO 418.435 MILLION OZ

MAY  17 WITH SILVER UP $1.37  TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV/A WITHDRAWAL OF 868,000 OZ FROM THE SLV// INVENTORY LOWERS TO 419.440 MILLION OZ

MAY  16 WITH SILVER DOWN 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/ INVENTORY REMAINS AT 420.308 MILLION OZ

MAY  15 WITH SILVER UP 101 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV;; A WITHDRAWAL OF 1.919 MILLION OZ FROM THE SLV NVENTORY RESTS AT 420.308 MILLION OZ

MAY  14 WITH SILVER UP 25 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV;;INVENTORY RESTS AT 422.227 MILLION OZ

MAY  13 WITH SILVER DOWN 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV;;NVENTORY RESTS AT 422.227 MILLION OZ

MAY  10 WITH SILVER UP 15 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV;; A HUGE WITHDRAWAL OF 1.,828 MILLION OZ//INVENTORY RESTS AT 422.227 MILLION OZ

MAY  9 WITH SILVER UP 78 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 424.055 MILLION OZ

MAY  8 WITH SILVER DOWN 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 424.055 MILLION OZ

MAY  7WITH SILVER DOWN 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 424.055 MILLION OZ

 MAY  6 WITH SILVER DOWN 12 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV/ A DEPOSIT OF 0.338 MILLION OZ OUT OF THE SLV INVENTORY RESTS AT 424.055 MILLION OZ

MAY 3 WITH SILVER DOWN 12 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV/ A DEPOSIT OF 0.338MILLION OZ OUT OF THE SLV INVENTORY RESTS AT 424.695 MILLION OZ

MAY 2WITH SILVER UP 0.12 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV/ A WITHDRAWALOF 4.471 MILLION OZ OUT OF THE SLV INVENTORY RESTS AT 424.695 MILLION OZ

MAY 1 WITH SILVER UP 0.09 TODAY: SMALLCHANGES IN SILVER INVENTORY AT THE SLV/ A DEPOSIT OF ,457 MILLION OZ INTO THE SLV INVENTORY RESTS AT 429.814 MILLION OZ

CLOSING INVENTORY 413.775 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1.PETER SCHIFF SCHIFF GOLD/MIKE MAHARRAY

2. ALASDAIR MACLEOD/JIM RICKARDS/PAM AND RUSS MARTENS/ JAMES RICKARDS/GOLD AND SILVER COMMENTARY

END

3. CHRIS POWELL//GATA DISPATCHES

CHRIS POWELL…

Vietnam does its gold price rigging in the open, unlike ‘free market’ nations

Submitted by admin on Tue, 2024-06-04 12:15 Section: Daily Dispatches

Vietnamese Central Bank Moves to Lower Domestic Gold Prices

By Jimmy Choi
Central Banking, London
Monday, June 3, 2024

The State Bank of Vietnam started selling gold directly to four state-owned commercial banks today, aiming to lower the metal’s domestic price. 

A senior SBV official recently said the domestic gold price may be affected by illicit factors, but an independent analyst cast doubt on this theory. The SBV will sell gold bars to the state-owned Saigon Jewelry Co. and lenders Agribank, Vietcombank, BIDV and VietinBank. The institutions will then sell the gold bars to the public.

The central bank will sell the bars, branded by the SJC, at 78.98 million dong ($3,107) a tael, which is equivalent to 37.5 grams. SJC gold bars dominate the domestic gold bullion market and have been considered national gold bars since the government monopolised their production since 2012. 

The government tightly controls the supply of gold bars and gold trading. …

… For the remainder of the report:

https://tinyurl.com/2ehjhrjn

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

---

4. OTHER MAJOR GOLD COMMENTARIES/PODCASTS/

5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT//

END

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

END

ASIA TRADING//TUESDAY MORNING/MONDAY  NIGHT

SHANGHAI CLOSED UP 12.71 PTS OR 0.41% //Hang Seng CLOSED UP 41.07 PTS OR 0.22%// Nikkei CLOSED DOWN 85.57 OR 0.22%//Australia’s all ordinaries CLOSED DOWN .31%///Chinese yuan (ONSHORE) closed UP TO 7,2394 CHINESE YUAN OFFSHORE CLOSED UP TO 7.2456/ Oil DOWN TO 72.87 dollars per barrel for WTI and BRENT DOWN AT 77.03 /Stocks in Europe OPENED ALL RED

ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER

1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM

ONSHORE YUAN:   CLOSED UP TO 7.2397

OFFSHORE YUAN: UP TO 7.2456

SHANGHAI CLOSED UP 12.71 PTS OR 0.41 %

HANG SENG CLOSED UP 41.07 PTS OR 0.22%

2. Nikkei closed DOWN 85.57 PTS OR 0.22 %

3. Europe stocks   SO FAR:  ALL RED

USA dollar INDEX UP TO  104.24 EURO FALLS TO 1.0866 DOWN 42 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +1.009 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 155.16 JAPANESE YEN NOW FALLING AS WELL AS LONG TERM 10  YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now  ABOVE 17,000

3d USA/Yen rate now well ABOVE the important 120 barrier this morning

3e Gold DOWN /JAPANESE Yen UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP

3f Japan is to buy INFINITE  TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA

Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.

3g Oil DOWN for WTI and DOWN FOR Brent this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.5570/Italian 10 Yr bond yield DOWN to 3.886 SPAIN 10 YR BOND YIELD DOWN TO 3.289%

3i Greek 10 year bond yield DOWN TO 3.590

3j Gold at $2327.55//Silver at: 29.77  1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble UP 0 AND 24/ 100        roubles/dollar; ROUBLE AT 88.85

3m oil into the 72 dollar handle for WTI and  77 handle for Brent/

3n Higher foreign deposits moving out of China//  huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 155.16/  10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.009% STILL ON CENTRAL BANK (JAPAN) INTERVENTION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8935 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9713 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 4.383 DOWN 2 BASIS PTS…

USA 30 YR BOND YIELD: 4.537 DOWN 1 BASIS PTS/

USA 2 YR BOND YIELD:  4.806 DOWN 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 32.45…

10 YR UK BOND YIELD: 4.246 UP 2 PTS

2a New York OPENING REPORT

US Futures Slide As Oil Extends Plunge, India Stocks Tumble

TUESDAY, JUN 04, 2024 – 08:07 AM

US stock futures are lower with tech and small-caps underperforming as oil extends its recent rout, bond yields are slightly lower and the USD catches a bid. As of 7:45am, S&P and Nasdaq futures are down 0.4%, as investors weigh concerns about America’s economic health against optimism that the Federal Reserve will cut rates in the fourth quarter, i.e. is “bad news bad news” again; meanwhile Indian stocks crashed the most in 4 years as election results showed a much closer results than exit polls predicted. Commodities are also getting hit again with this global risk-off tone though base metals and grains are bright spots. “What has changed overnight” asks JPMorgan’s trading desk and answers that it seems like some de-risking as investors await to see if macro data this week changes the narrative to one of a recession. After figures Monday showed that factory output came close to stagnating in May, while sent the 30-year Treasury yield held near 4.53%, the lowest level since May 23, attention is now turning to the latest JOLTS report which is forecast to indicate a monthly drop in job openings; we also get final readings for Cap Goods/Durable Goods. More important will be tomorrow’s ISM-Services data and Friday’s NFP. 

In premarket trading, the Mag7 stocks are all lower by up to 78bps and Semis are weaker ex-INTC. KO, PEP, SBUX, ITW, WMT, and BMY are notable outperformers pre-mkt. Here are all the other premarket movers:

• Annexon jumps 25% after saying its phase 3 trial of blocking antibody Anx005 in Guillain-Barre Syndrome met its primary endpoint.
• Core Scientific surges 40% after the Bitcoin miner signed 12-year contracts with AI startup CoreWeave.
• FibroGen rises 12% after the pharmaceutical company entered a clinical trial supply agreement with Regeneron.
• GitLab declines 2% after the application software company’s revenue forecast for the second quarter came in weaker than anticipated.
• HealthEquity gains 5% after the company raised its full-year forecast and reported forecast-beating first-quarter results.
• Intel advances 1.6% after CEO Pat Gelsinger took the stage at the Computex show in Taiwan to talk about new products he expects will help turn back the tide of share losses to peers, including AI leader Nvidia.
• Viking Therapeutics rises 7% after saying its experimental liver disease drug VK2809 met its Phase 2b second

“At some point weak data should become bad news for risky assets, but we would argue that some point is a few weeks or a couple of months away,” Mohit Kumar, chief strategist for Europe at Jefferies, wrote in a note to clients. “We still remain long risky assets. Initially weaker data could be interpreted as good for risky assets as it increases the probability of a Fed cut.”

Swap contracts tied to upcoming Fed meetings continue to fully price in a quarter-point rate cut in December, with the odds of a move as soon as September edging up to around 50% and November also given high odds. Later Tuesday, economists expect figures to show a third consecutive monthly drop in US job openings, while Friday’s payroll numbers loom as crucial in the search for clues about the outlook for the world’s No. 1 economy and interest rates.  

Meanwhile, oil extended losses from its lowest settlement in almost four months after OPEC+’s plan to return barrels to the market earlier than expected raised concerns about oversupply. Brent fell below $78 a barrel after the August contract tumbled 3.4% on Monday, while West Texas Intermediate was under $74. The move also hurt the shares of supermajors, with BP and TotalEnergies dropping more than 2%

Elsewhere, Indian stocks plummeted, erasing $386 billion in market value, as tallies signaled that Prime Minister Narendra Modi’s ruling party was struggling to win a majority of seats in national elections, a stunning result after exit polls showed he was on pace for a landslide victory. The NSE Nifty 50 Index tumbled as much as 8.5% in Mumbai, the biggest intra-day drop in more than four years, while the rupee and sovereign bonds also fell.

European shares also declined, led lower by banking and oil stocks as crude prices fall for a fifth consecutive session while health care and food beverage stocks lead outperformers. BP Plc and TotalEnergies SE dropped at least 3%, dragging Europe’s Stoxx 600 Index down 0.7%. Here are the biggest movers Tuesday:

• Maersk shares climb as much as 3.7% after the Danish shipping giant boosted its guidance. Nordea says the market may not be “fully cognizant” of the company’s earnings potential in 2024
• Klepierre advances as much as 2.8%, hitting highest since March 2020, after Citi double-upgrades to buy, saying that rental and cyclical prospects now look positive for the French property management company
• Burckhardt Compression shares jump as much as 7.3%, the most since May 2023, to hit a record high after the world’s largest piston compressor manufacturer exceeded FY consensus expectations
• Ceres Power shares jump as much as 6.5% after the fuel cell technology company was awarded a further contract for the second phase of its collaboration with Shell on green hydrogen
• Nibe falls as much as 7.4%, the most since May 17, and Tuesday’s worst performer on the Stoxx 600 regional benchmark, after Barclays cut its recommendation on the Swedish heat-pump firm to underweight from equal weight
• Allianz falls as much as 3.6% on Tuesday after Citi cuts its recommendation on the German insurer to neutral from buy, with analysts saying that Generali and Axa have greater capital optionality on a 3-year view that is expected to be at least partly realized
• British American Tobacco shares slip as much as 1.8%, the most in over two months, after the company’s trading update showed it is “on track” to deliver FY24 guidance, but with revenue growth weighted to the latter half of the year
• DS Smith, falls as much as 1.9% after Bloomberg News reported that Brazilian pulp producer Suzano is working on a revised offer to buy International Paper, a deal that would threaten to derail International Paper’s plan to acquire DS Smith
• Shelf Drilling declines as much as 7.3%, the most in two months, after announcing that the Norwegian Ocean Industry Authority did not accept its application related to a jack-up rig
• Chemring Group shares fall as much as 3.2%, easing further away from recent 12-year highs, as analysts greeted the defense firm’s reiterated guidance and its target of generating £1b in annual revenue by 2030

In Europe, strong economic data and vocal ECB hawks are pushing some analysts and investors to waver in their expectations for rate cuts this year. While most economists still foresee quarterly reductions following an initial move this week, some reckon sticky inflation, rapid wage growth and surprisingly robust euro-zone output will constrain loosening. The region’s equities are still in line for a boost from rate cuts and an improving corporate earnings outlook, according to Citigroup Inc. strategists led by Beata Manthey. If rates settle at pre-global financial crisis levels — as expected by the bank’s economists — that would be a longer-lasting tailwind for stocks, according to the Citi team.

Earlier, Asian stocks declined after weak US manufacturing data triggered concerns of slowing growth in the world’s largest economy. Indian shares led losses as signs emerged that Narendra Modi’s party may secure a narrower victory in India’s elections than previously expected. The MSCI Asia Pacific Index fell as much as 1.4%, with India’s Reliance among the biggest drags along with TSMC and ICICI Bank. Declines were also notable in the Philippines and Taiwan, while benchmarks gained in Indonesia and mainland China. Fears of slower growth in the US set in after data that showed American factory activity shrank at a faster pace in May. While the soft numbers helped revive bets on Federal Reserve policy easing, it also raised concerns about the potential drag on Asian economies.

Key Indian equity gauges fell more than 8% before paring losses. They rose more than 3% Monday on hopes for a landslide win for the Modi-led Bharatiya Janata Party. A stronger majority for the party is seen helping the prime minister push through market reforms.

“After the sharp run-up some profit booking is also expected,” said Kranthi Bathini, a strategist at WealthMills Securities. “While not many investors are expecting a defeat for the BJP-led alliance, if the ruling party gets significantly less seats than initially expected, we may see a sharp reversal.”

In FX, the Bloomberg Dollar Spot Index rises 0.2%. The Norwegian krone, Australian dollar and Swedish krona led Group-of-10 losses on sapped risk appetite, after Monday’s US ISM data showed signs the US economy is cooling. The Japanese yen is the best performer among the G-10 currencies, rising 0.5% against the greenback. USD/JPY dropped as much as 0.7% to 155.04, the lowest level since mid-May after Bloomberg reported that the BOJ is likely to discuss the reduction of bond purchases as early as its policy meeting next week (which doesn’t mean it will actually8 do anything). The Swiss franc edges higher after inflation held at its fastest pace this year. EUR/CHF fell as much as 0.5% to 0.97223, the lowest level since April 23; Swiss inflation held at its fastest pace this year, eroding the case for an SNB interest-rate cut when officials meet later this month

In rates, treasuries reversed earlier losses, with US 10-year yields dropping to 4.38% as traders awaited US JOLTS data for an indication of the health of the labor market. Treasuries were slightly richer across the curve supported by bigger gains for European bonds where German 10-year yields are more than 2bp lower on the day. Yields are less than 1bp richer on the day with 10-year around 4.39%, lagging bunds and gilts by 2.5bp and 1.5bp; curve spreads are likewise within 1bp of Monday’s close while in Europe, gilt curve is notably flatter as front-end lags. In front-end, Fed-dated OIS have resumed fully pricing in a 25bp rate cut in November. Fed swaps continue to shift back toward pricing in rate cuts this year, with 25bp of easing priced by November and 42bp for December FOMC vs 34bp at Friday’s close

In commodities, WTI is down 2.2%, trading near $72.60 a barrel. Spot gold falls ~$21 to around $2,329/oz.

US economic data includes April JOLTS job openings and factory orders and April revised durable goods orders (10am). Fed officials are expected to refrain from commenting until after their June 12 policy announcement

Market Snapshot

• S&P 500 futures down 0.3% to 5,280.75
• STOXX Europe 600 down 0.5% to 517.01
• MXAP down 0.7% to 178.90
• MXAPJ down 1.2% to 552.34
• Nikkei down 0.2% to 38,837.46
• Topix down 0.4% to 2,787.48
• Hang Seng Index up 0.2% to 18,444.11
• Shanghai Composite up 0.4% to 3,091.20
• Sensex down 4.7% to 72,887.88
• Australia S&P/ASX 200 down 0.3% to 7,737.06
• Kospi down 0.8% to 2,662.10
• German 10Y yield little changed at 2.55%
• Euro down 0.2% to $1.0880
• Brent Futures down 1.2% to $77.44/bbl
• Gold spot down 0.6% to $2,335.75
• US Dollar Index little changed at 104.22

Top Overnight News

• European stocks slipped, led by a tumble in energy stocks, while Treasuries steadied after Monday’s rally prompted by signs the US economy is cooling.
• The Bank of Japan is likely to discuss the reduction of bond purchases as early as its policy meeting next week, according to people familiar with the matter.
• German unemployment rose more than anticipated — underscoring expectations that Europe’s biggest economy will recover only gradually this year.
• Japan’s finance minister defended the government’s record intervention in the currency market in his first acknowledgment of the action.
• Strong economic data and vocal European Central Bank hawks are pushing some analysts and investors to waver in their expectations for interest-rate cuts this year.
• Swiss inflation held at its fastest pace this year, eroding the case for a Swiss National Bank interest-rate cut when officials meet later this month.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mixed following a similar performance from Wall Street in the absence of any fresh overnight catalysts, with the tone tilting lower towards the end of the session. ASX 200 saw losses in the energy sector being countered by gains among gold names. Nikkei 225 was the regional laggard with losses among energy names, whilst autos slipped after a safety test scandal among some Japanese automakers widened on Monday, with Toyota Motor and Mazda both halting shipments of some vehicles. Hang Seng and Shanghai Comp were mixed with modest gains in the former amid upside in healthcare and properties, whilst the Mainland was flat/slightly softer albeit within tight ranges. India’s Nifty 50 slipped as election results are being counted and PM Modi’s lead fluctuated, with early weakness in Indian markets attributed to a narrowing lead.

Top Asian News

• BoJ Gov Ueda said if underlying inflation moves as BoJ projects, BoJ will adjust the degree of monetary support. If economic and price projections and assessment of risks change, that will also be a reason to change interest rate levels. The policy goal is price stability, so will not guide policy to fund fiscal spending. The basic stance is to allow markets to set long-term interest rates. Ready to conduct nimble market operations if there are sharp rises in long-term rates.
• Japanese Finance Minister Suzuki said forex intervention had certain effects; intervention was intended to respond to speculative moves; will continue to respond appropriately
• Japan’s economy is recovering moderately but consumption is stalling, and wages are not rising enough to offset rising prices, according to a draft roadmap; Japan’s govt to call on the need for vigilance to impact of weak yen on households’ purchasing power in long-term.
• Japanese PM Kishida not to call a snap election during the current parliament session, according to Asahi newspaper.
• ANZ-Roy Morgan Australian Consumer Confidence changed little, increasing 0.3pts to 80.5pts. Overall confidence is very weak. The series has been below neutral for over 2yrs. Inflation expectations rose 0.1pts to 5.0%.
• The Bank of Korea said inflation is expected to ease gradually as projected in May.
• PBoC injected CNY 2bln via 7-day reverse repos with the rate at 1.80%.
• TSMC (2330 TT/TSM) said they have had conversations with customers about whether to move TSMC’s fabs out of Taiwan amid China tensions; added it is impossible to move TSMC’s fabs out of Taiwan as 80%-90% of production capacity is in Taiwan.
• BoJ’s Himino says firms will likely have more freedom in setting prices flexibly when prices and wages are rising moderately in tandem. In economy facing effect zero lower bound, asset price moves such as FX, stocks and property prices are likely to serve as key transmission channel of monpol. Guiding monpol to attain a situation where underlying inflation moves to around 2%; several measures have underlying inflation short of this figure, but gradually accelerating towards it. Need to look at price data and various factors such as wages and firm activity when judging underlying inflation. Inappropriate for monetary policy to target FX. FX fluctuations have various impacts, not just through import costs but on activity as well. Must be very vigilant to FX action. Must look at various aspects in guiding policy, should not automatically respond to FX moves in setting rates. Need to consider the whole economy and prices when considering what to do with the balance sheet. Desirable for market forces to set long-term rates. Must avoid abrupt bond market moves.
• BoJ is said to mull reducing bond buys as early as the June meeting, via Bloomberg.

European bourses, Stoxx 600 (-0.5%) began the session modestly in the red and have continued to slip throughout the morning as post-ISM demand concerns weigh alongside a marked deterioration in India’s performance (NIFTY 50 -5.9%) as the ongoing vote count for Modi is much less favourable than the exit poll implied. European sectors hold a strong negative bias; Energy and Basic Resources are found at the foot of the pile, given the broad weakness in the commodities complex. Banks are also weighed on by the relatively lower yield environment. US Equity Futures (ES -0.6%, NQ -0.6%, RTY -1.1%) are entirely in the red, conforming to the sentiment seen in Europe/India. Nvidia (-0.8%) is softer in the pre-market after reports that the TSMC new Chair has hinted that the Co. could increase the price of AI chip production services.

Top European News

• Airbus (AIR FP) is reportedly in discussions to sell over 100 widebody jets to China, via Bloomberg

FX

• DXY is attempting to claw back some of yesterday’s ISM-induced losses which sent the index down as low as 103.99 during APAC trade. Interim resistance is provided by the 200DMA at 104.39 and 100DMA at 104.40. Next up, US JOLTS.
• EUR/USD ventured as high as 1.0915 during APAC trade but the pair’s move above 1.09 proved to be short-lived, and currently holds around 1.087.
• GBP is on the backfoot vs. the USD and steady vs. the EUR. Cable went as high as 1.2817 in APAC trade in an extension of yesterday’s price action before succumbing to broader Dollar strength, taking the pair back down to c.1.276.
• JPY is benefitting vs. peers amid its safe-haven appeal, narrowing yield differentials and jawboning from various Japanese officials. USD/JPY down as low as 155.21 with not much in the way of support ahead of the 155 figure.
• Antipodeans are both suffering in the current risk environment but AUD more so alongside declines in iron ore prices and ANZ suggesting that Australian consumer confidence remains weak.
• EUR/CHF was initially slightly choppy following Swiss inflation metrics before lifting from 0.9744 to 0.9781 over the course of five minutes. The odds of a 25bp cut at the June meeting have increased to circa. 51% from around 40% earlier in the week. Move has since pared given haven allure for CHF.
• INR is pressured amid some concern over the results of the Indian elections, as while the BJP-led NDA alliance is ahead and on course for victory the margin of result looks to be much less than initial exit polls had suggested and potentially indicative of BJP alone not hitting the 272 simple majority level as they have previously done.
• Reuters reports that the RBI is likely on offer near 83.50 in USD/INR via state-run banks, citing traders; offers described as “mild”.
• PBoC set USD/CNY mid-point at 7.1083 vs exp. 7.2297 (prev. 7.1086)
• Brazil’s Finance Ministry to announce fiscal measures on Tuesday, according to a statement cited by Reuters.

Fixed Income

• USTs are firmer and continue to extend on the the post-ISM upside, with additional bullishness stemming from a well received JGB sale overnight and the general risk tone. Since, Bloomberg reported that the BoJ is said to mull bond buys as early as the June meeting, sparking some modest pressure across the fixed income complex; as such, USTs are off best levels but still in the green.
• Bunds are in-fitting with Treasury action; German employment data led to very modest upside due to the higher-than-expected unemployment change. Bunds as high as 130.48, just about above last Tuesday’s best, though has since pulled off best.
• Gilts are tracking the broader tone and as such entered the morning’s auction with upside of almost 40 ticks. An auction which sparked a pullback of around 10 ticks given the chunky tail but still leaves Gilts comfortably in the green and broadly in-fitting with peers.
• UK sells GBP 2bln 4.00% 2063 Gilt: b/c 3.10 (prev. 2.92x), average yield 4.557% (prev. 4.518%), tail 1.3bps (prev. 0.6bps)
• Germany sells EUR 3.689bln vs exp. EUR 4.5bln 2.90% 2026 Schatz: b/c 2.7x (prev. 2.5x) & avg. yield 3.01% (prev. 2.93%) and retention 18.02% (prev. 18.00%)
• Saudi’s PIF gives initial price guidance of circa. Gilts +135bps for its GBP 5yr note and Gilts +145bps for GBP 15yr notes, via IFR
• Japan sold JPY 2.6tln in 10-year JGB, b/c 3.66x (prev. 3.15x), average yield 1.048% (prev. 0.857%), tail 0.02 (prev. 0.05).

Commodities

• Crude continues to slump following the OPEC+ ‘roadmap’ and the growth concerns triggers by Monday’s US ISM Manufacturing print. Benchmarks at lows of USD 72.63/bbl and 76.89/bbl for WTI Jul’24 and Brent Aug’24 respectively.
• Nat gas futures were initially only taking a breather from Monday’s marked upside after issues to a Norwegian-Britain pipeline. Thereafter, more significant pressure emerged as Gassco announced that the work to repair the crack is a matter of days not weeks.
• Precious metals have come under increasing pressure as the European morning progresses; specifics light, although Dollar has been edging higher in today’s session.
• Base metals are also suffering on the demand angle post-PMIs, USD strength and a deterioration in the broader risk tone driven by India alongside negative updates regarding Nvidia.
• Coalition of over 400 Japanese firms is poised to set up a USD 1bln fund as early as the fiscal half ending Sept to boost hydrogen supply chains, according to Nikkei.
• HSBC said their Brent price assumption remains USD 82/bbl for 2024, including USD 80/bbl in H2 2024, falling to USD 76.50/bbl from 2025 onwards.
• UBS on OPEC+ announcements: Expects some near-term volatility on supply concerns, but retains modestly positive outlook for crude prices; says “does not think plan to unwind output cuts will tilt markets into oversupply”. Expects Brent to trade around USD 87/bbl at year-end.
• Gassco says we have received a repair schedule from the operator of the Sleipner riser platform and is expected to take 2 days to repair; repairs may take longer than 2 days or could go faster; not a matter of weeks to repair
• Chevron Australia confirms full LNG production has resumed at the Gorgon gas facility after a temporary outage on Monday, 3rd June, according to a spokesperson.

Geopolitics

• “A Hamas official told Al-Mayadeen that no delegation from the group went to Cairo, and that it did not accept what was offered by the mediators”, via Guy Elster on X
• “Media close to Hezbollah: Diplomatic letters have arrived in Beirut in recent days warning of the threat of an imminent Israeli strike”, according to Sky News Arabia
• “Major differences between Israel and the United States over the second phase of the truce deal”, according to Sky News Arabia quoting an Israeli official cited by local press.
• Hamas is slated to send a delegation to Cairo today to discuss the latest Israeli hostage deal proposal, according to Times of Israel sources.
• “Lebanese media: Renewed fires in the forests of several border towns in southern Lebanon as a result of the throwing of Israeli phosphorus bombs”, according to Sky News Arabia.
• Israeli PM Netanyahu’s office said “No date has yet been set for Prime Minister Netanyahu’s speech to both houses of Congress. In any case, the speech will not take place on June 13 due to the second holiday of Shavuot”.
• UK, France and Germany have formally submitted a draft resolution against Iran to the IAEA Board of Governors, according to Reuters citing diplomats.

US Event Calendar

• 10:00: April Cap Goods Ship Nondef Ex Air, prior 0.4%
• 10:00: April Cap Goods Orders Nondef Ex Air, est. 0.3%, prior 0.3%
• 10:00: April -Less Transportation, est. 0.4%, prior 0.4%
• 10:00: April JOLTs Job Openings, est. 8.35m, prior 8.49m
• 10:00: April Factory Orders Ex Trans, est. 0.5%, prior 0.5%, revised 0.4%
• 10:00: April Factory Orders, est. 0.6%, prior 1.6%, revised 0.8%
• 10:00: April Durable Goods Orders, est. 0.7%, prior 0.7%

DB’s Jim Reid concludes the overnight wrap

Over the last week we’ve had three sessions now where for a lot of the day weaker economic news has meant bad news for markets rather than bad news automatically being good news due to more dovish rate expectations. However in the last two sessions the pullback has failed to stick before dip buyers have come in. Yesterday, the rates market saw a major rally after the ISM manufacturing print was noticeably weaker than expected. That led to a fresh round of anticipation that the Fed would still cut rates this year, and it meant the 10yr Treasury yield (-11.1bps) fell for a 3rd consecutive day to 4.39%, whilst the 10yr bund yield was down a slightly lesser -8.4bps. The S&P 500 gained +0.11% after being down -0.8% at its lows.

In terms of the details of that manufacturing ISM print, the headline measure fell back to 48.7 (vs. 49.5 expected), marking a second consecutive decline for the measure. But importantly, the new orders subcomponent also fell to a 12-month low of 45.4 (vs. 49.4 expected), so there was little respite from the details either. The one bright spot came from the employment numbers, which did hit a 21-month high of 51.1 (vs. 48.5 expected). But apart from that, the report was definitely one that dampened optimism about the state of the US economy right now. And it follows a run of weaker US data over recent days, including the spending data on Friday and the negative Q1 GDP revisions on Thursday.

Given the worse-than-expected numbers, investors dialled up their expectations for rate cuts this year. For example, the amount priced in by the Fed’s December meeting rose by +5.1bps on the day to 41.4bps. That trend got further support from the prices paid component of the ISM, which fell to 57.0 (vs. 59.0 expected), so it added to the sense that the worst of the recent inflation spike had now passed.

Whilst the ISM was the main catalyst for yesterday’s moves, they got fresh momentum thanks to the latest decline in oil prices, as Brent crude closed beneath $80/bbl for the first time since February. In fact, it was its 4th consecutive daily decline, and the move yesterday left it down by -4.26% at $78.14/bbl. Oil had largely ignored the OPEC+ meeting on Sunday but started selling off sharply half an hour before the US data prints but then seemed to accelerate through the ISM. The initial move lower coincided with the timing of news that Israeli Prime Minister Netanyahu would meet with more right-wing members of his coalition on the current cease-fire proposal, with the market potentially giving the current negotiations more credence. The drop helped to further ease fears about inflationary pressures, and added to the sense that rate cuts were getting closer. Indeed, that rate cut theme is something we could hear a lot more about by the end of the week, as we’ve got the Bank of Canada’s decision tomorrow, followed by the ECB on Thursday.

With rate cut speculation mounting again, sovereign bonds rallied strongly across the world. In the US, it meant the 2yr Treasury yield fell -6.5bps to 4.808%, whilst the 10yr yield was down -11.0bps to 4.388%. That’s the biggest move lower in 10yr yields since January 31st and same with the combined 3-day move (-22.3bps lower). Over in Europe, yields on 10yr bunds (-8.4bps), OATs (-8.4bps) and BTPs (-9.5bps) also fell back, which came as the final manufacturing PMIs for May were revised marginally weaker than the flash prints. For instance, the Euro Area manufacturing PMI was revised down a tenth from the flash print to 47.3, and the UK number was also revised down a tenth from the flash print to 51.2.

For equities, the second half of the US session proved much more optimistic than the first, with the S&P 500 (+0.11%) eventually, after a big struggle, reacting more to the rate cut hopes than the weak growth data. The last three hours of trading in New York saw a +0.94% rally reverse the earlier losses. The rally was built on strong outperformance from the Magnificent 7 (+1.40%) and growth sectors that enjoy lower rates such as semiconductors (+2.4%), biotech (+1.1%), and tech (+0.6%), while energy (-2.6%) saw heavy losses on the move in oil and cyclicals like industrials (-1.3%) and materials (-0.6%) were unable to shake off the weaker growth backdrop. Europe outperformed with the STOXX 600 (+0.32%) advancing for a third consecutive session, alongside the DAX (+0.60%) with the CAC 40 just better than unchanged (+0.06%).

Asian equity markets are struggling to gain momentum this morning though with the KOSPI (-0.46%), Nikkei (-0.45%) and the S&P/ASX 200 (-0.22%) edging lower this morning while Chinese stocks have managed to tick up with the Hang Seng (+0.36%) and the CSI (+0.38%) eking out gains. US stock futures are fairly flat with 10yr US yields back up a couple of bps to 4.41%.

Japan’s Finance minister Shunichi Suzuki has admitted in an overnight speech that the government did intervene in the FX market in late April and early May. He suggested that it likely had some impact in stabilising the currency after the authorities on Friday disclosed that it spent 9.8 trillion yen ($62.7 billion) intervening in the market to prop up the yen. The yen is -0.20% to trade at 156.40 per dollar as we go to print.

In India, early election counting has hinted at a less substantial win for Modi’s ruling alliance than the exit polls suggested on Sunday night. After climbing more than 3% yesterday, Indian stocks have dropped around 2% this morning in early trading. We’ll have a lot more info as the count progresses today.

Here in the UK, the general election is now exactly a month away, and there was significant news yesterday as Nigel Farage announced that he would become leader of the right-wing Reform UK party. Farage was previously the leader of UKIP for many years, and played a significant role in the Brexit campaign of 2016. He previously said that he wouldn’t stand for Parliament at this election, but reversed course yesterday and said he’d be standing in the Essex seat of Clacton, which was the only seat won by UKIP in the 2015 general election. This could pose a big problem for the governing Conservatives, since if they lose votes to Reform in key seats, it would mean that the opposition Labour Party are able to win many more seats. In terms of the latest polls (taken before Farage’s announcement), the latest seat projection from YouGov suggests that Labour will win a majority of 194, taking 422 seats in the House of Commons. That would exceed their landslide victory in 1997 under Tony Blair. In the meantime, the Conservatives would fall back to just 140 seats, down from 365 at the 2019 election.

To the day ahead now, and data releases include German unemployment for May, whilst in the US there’s the JOLTS job openings and factory orders for April.

2B EUROPE OPENING/TRADING

Risk sentiment pressured and benefiting havens ex-precious metals; US JOLTS due – Newsquawk US Market Open

TUESDAY, JUN 04, 2024 – 06:09 AM

• Risk sentiment generally pressured to the benefit of havens ex-precious metals as the latest bearish driver stems from India’s election count
• Equities are entirely in the red; Energy and Basic Resources are the clear laggards, given the underperformance in the underlying commodity prices
• Dollar is firmer and attempting to claw back post-ISM losses, JPY bid with USD/JPY nearing 155, AUD slips given the risk sentiment
• Bonds are firmer in continuation of the prior day’s gains, though now off best levels following source reports relating to the BoJ’s bond buys
• Crude continues to slip, XAU and base metals suffer from USD strength, risk tone & India’s performance
• Looking ahead, US Durable Goods R, US JOLTS, US RCM/TIPP Economic Optimism Supply, UK election debate

More Newsquawk in 3 steps:

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EUROPEAN TRADE

EQUITIES

• European bourses, Stoxx 600 (-0.5%) began the session modestly in the red and have continued to slip throughout the morning as post-ISM demand concerns weigh alongside a marked deterioration in India’s performance (NIFTY 50 -5.9%) as the ongoing vote count for Modi is much less favourable than the exit poll implied.
• European sectors hold a strong negative bias; Energy and Basic Resources are found at the foot of the pile, given the broad weakness in the commodities complex. Banks are also weighed on by the relatively lower yield environment.
• US Equity Futures (ES -0.6%, NQ -0.6%, RTY -1.1%) are entirely in the red, conforming to the sentiment seen in Europe/India. Nvidia (-0.8%) is softer in the pre-market after reports that the TSMC new Chair has hinted that the Co. could increase the price of AI chip production services.
• Click here for the sessions European pre-market equity newsflow and here for additional news.
• Click here for more details.

FX

• DXY is attempting to claw back some of yesterday’s ISM-induced losses which sent the index down as low as 103.99 during APAC trade. Interim resistance is provided by the 200DMA at 104.39 and 100DMA at 104.40. Next up, US JOLTS.
• EUR/USD ventured as high as 1.0915 during APAC trade but the pair’s move above 1.09 proved to be short-lived, and currently holds around 1.087.
• GBP is on the backfoot vs. the USD and steady vs. the EUR. Cable went as high as 1.2817 in APAC trade in an extension of yesterday’s price action before succumbing to broader Dollar strength, taking the pair back down to c.1.276.
• JPY is benefitting vs. peers amid its safe-haven appeal, narrowing yield differentials and jawboning from various Japanese officials. USD/JPY down as low as 155.21 with not much in the way of support ahead of the 155 figure.
• Antipodeans are both suffering in the current risk environment but AUD more so alongside declines in iron ore prices and ANZ suggesting that Australian consumer confidence remains weak.
• EUR/CHF was initially slightly choppy following Swiss inflation metrics before lifting from 0.9744 to 0.9781 over the course of five minutes. The odds of a 25bp cut at the June meeting have increased to circa. 51% from around 40% earlier in the week. Move has since pared given haven allure for CHF.
• INR is pressured amid some concern over the results of the Indian elections, as while the BJP-led NDA alliance is ahead and on course for victory the margin of result looks to be much less than initial exit polls had suggested and potentially indicative of BJP alone not hitting the 272 simple majority level as they have previously done.
• Reuters reports that the RBI is likely on offer near 83.50 in USD/INR via state-run banks, citing traders; offers described as “mild”.
• PBoC set USD/CNY mid-point at 7.1083 vs exp. 7.2297 (prev. 7.1086)
• Brazil’s Finance Ministry to announce fiscal measures on Tuesday, according to a statement cited by Reuters.
• Click here for more details.
• Click here for OpEx details.

FIXED INCOME

• USTs are firmer and continue to extend on the the post-ISM upside, with additional bullishness stemming from a well received JGB sale overnight and the general risk tone. Since, Bloomberg reported that the BoJ is said to mull bond buys as early as the June meeting, sparking some modest pressure across the fixed income complex; as such, USTs are off best levels but still in the green.
• Bunds are in-fitting with Treasury action; German employment data led to very modest upside due to the higher-than-expected unemployment change. Bunds as high as 130.48, just about above last Tuesday’s best, though has since pulled off best.
• Gilts are tracking the broader tone and as such entered the morning’s auction with upside of almost 40 ticks. An auction which sparked a pullback of around 10 ticks given the chunky tail but still leaves Gilts comfortably in the green and broadly in-fitting with peers.
• UK sells GBP 2bln 4.00% 2063 Gilt: b/c 3.10 (prev. 2.92x), average yield 4.557% (prev. 4.518%), tail 1.3bps (prev. 0.6bps)
• Germany sells EUR 3.689bln vs exp. EUR 4.5bln 2.90% 2026 Schatz: b/c 2.7x (prev. 2.5x) & avg. yield 3.01% (prev. 2.93%) and retention 18.02% (prev. 18.00%)
• Saudi’s PIF gives initial price guidance of circa. Gilts +135bps for its GBP 5yr note and Gilts +145bps for GBP 15yr notes, via IFR
• Japan sold JPY 2.6tln in 10-year JGB, b/c 3.66x (prev. 3.15x), average yield 1.048% (prev. 0.857%), tail 0.02 (prev. 0.05).
• Click here for more details.

COMMODITIES

• Crude continues to slump following the OPEC+ ‘roadmap’ and the growth concerns triggers by Monday’s US ISM Manufacturing print. Benchmarks at lows of USD 72.63/bbl and 76.89/bbl for WTI Jul’24 and Brent Aug’24 respectively.
• Nat gas futures were initially only taking a breather from Monday’s marked upside after issues to a Norwegian-Britain pipeline. Thereafter, more significant pressure emerged as Gassco announced that the work to repair the crack is a matter of days not weeks.
• Precious metals have come under increasing pressure as the European morning progresses; specifics light, although Dollar has been edging higher in today’s session.
• Base metals are also suffering on the demand angle post-PMIs, USD strength and a deterioration in the broader risk tone driven by India alongside negative updates regarding Nvidia.
• Coalition of over 400 Japanese firms is poised to set up a USD 1bln fund as early as the fiscal half ending Sept to boost hydrogen supply chains, according to Nikkei.
• HSBC said their Brent price assumption remains USD 82/bbl for 2024, including USD 80/bbl in H2 2024, falling to USD 76.50/bbl from 2025 onwards.
• UBS on OPEC+ announcements: Expects some near-term volatility on supply concerns, but retains modestly positive outlook for crude prices; says “does not think plan to unwind output cuts will tilt markets into oversupply”. Expects Brent to trade around USD 87/bbl at year-end.
• Gassco says we have received a repair schedule from the operator of the Sleipner riser platform and is expected to take 2 days to repair; repairs may take longer than 2 days or could go faster; not a matter of weeks to repair
• Chevron Australia confirms full LNG production has resumed at the Gorgon gas facility after a temporary outage on Monday, 3rd June, according to a spokesperson.
• Click here for more details.

CRYPTO

• Bitcoin and Ethereum are both modestly softer thus far; BTC at USD 68.7k.

NOTABLE DATA RECAP

• German Unemployment Chg SA (May) 25.0k vs. Exp. 10.0k (Prev. 10.0k); Unemployment Rate SA (May) 5.9% vs. Exp. 5.9% (Prev. 5.9%); Unemployment Total SA (May) 2.762M (Prev. 2.732M); Unemployment Total NSA (May) 2.723M (Prev. 2.75M)
• Swiss CPI YY (May) 1.4% vs. Exp. 1.4% (Prev. 1.4%); CPI MM (May) 0.3% vs. Exp. 0.3% (Prev. 0.3%)
• UK BRC Retail Sales YY (May) 0.4% (Prev. -4.4%)
• UK Barclays May Consumer Spending +1.0% Y/Y – the smallest rise since Feb 2021.

NOTABLE EUROPEAN HEADLINES

• Airbus (AIR FP) is reportedly in discussions to sell over 100 widebody jets to China, via Bloomberg

NOTABLE US HEADLINES

• Tesla (TSLA) sold 72.5k vehicles in China during May vs. 62.2k in April, according to the CPCA.
• Tesla (TSLA) investor KLP is to vote in support of motion urging Tesla to to engage in wage and other labour talks.
• TSMC (2330 TT/TSM) new Chairman has hinted that the Co. could increase the price of his company’s AI chip production services, according to The Nikkei; already spoken with Nvidia (NVDA) CEO about this.
• New York is said to plan to ban social media firms from using algorithms to steer content to children without parental consent under a tentative agreement reached by state lawmakers, WSJ sources said.
• Atlanta Fed GDPNow (Q2 24): 1.8% (prev. 2.7%).
• Alphabet (GOOG) is reportedly laying off employees from several teams in Google’s cloud unit, one of its fastest-growing businesses, CNBC sources say.

GEOPOLITICS

• “A Hamas official told Al-Mayadeen that no delegation from the group went to Cairo, and that it did not accept what was offered by the mediators”, via Guy Elster on X
• “Media close to Hezbollah: Diplomatic letters have arrived in Beirut in recent days warning of the threat of an imminent Israeli strike”, according to Sky News Arabia
• “Major differences between Israel and the United States over the second phase of the truce deal”, according to Sky News Arabia quoting an Israeli official cited by local press.
• Hamas is slated to send a delegation to Cairo today to discuss the latest Israeli hostage deal proposal, according to Times of Israel sources.
• “Lebanese media: Renewed fires in the forests of several border towns in southern Lebanon as a result of the throwing of Israeli phosphorus bombs”, according to Sky News Arabia.
• Israeli PM Netanyahu’s office said “No date has yet been set for Prime Minister Netanyahu’s speech to both houses of Congress. In any case, the speech will not take place on June 13 due to the second holiday of Shavuot”.
• UK, France and Germany have formally submitted a draft resolution against Iran to the IAEA Board of Governors, according to Reuters citing diplomats.

APAC TRADE

• APAC stocks traded mixed following a similar performance from Wall Street in the absence of any fresh overnight catalysts, with the tone tilting lower towards the end of the session.
• ASX 200 saw losses in the energy sector being countered by gains among gold names.
• Nikkei 225 was the regional laggard with losses among energy names, whilst autos slipped after a safety test scandal among some Japanese automakers widened on Monday, with Toyota Motor and Mazda both halting shipments of some vehicles.
• Hang Seng and Shanghai Comp were mixed with modest gains in the former amid upside in healthcare and properties, whilst the Mainland was flat/slightly softer albeit within tight ranges.
• India’s Nifty 50 slipped as election results are being counted and PM Modi’s lead fluctuated, with early weakness in Indian markets attributed to a narrowing lead.

NOTABLE ASIA-PAC HEADLINES

• BoJ Gov Ueda said if underlying inflation moves as BoJ projects, BoJ will adjust the degree of monetary support. If economic and price projections and assessment of risks change, that will also be a reason to change interest rate levels. The policy goal is price stability, so will not guide policy to fund fiscal spending. The basic stance is to allow markets to set long-term interest rates. Ready to conduct nimble market operations if there are sharp rises in long-term rates.
• Japanese Finance Minister Suzuki said forex intervention had certain effects; intervention was intended to respond to speculative moves; will continue to respond appropriately
• Japan’s economy is recovering moderately but consumption is stalling, and wages are not rising enough to offset rising prices, according to a draft roadmap; Japan’s govt to call on the need for vigilance to impact of weak yen on households’ purchasing power in long-term.
• Japanese PM Kishida not to call a snap election during the current parliament session, according to Asahi newspaper.
• ANZ-Roy Morgan Australian Consumer Confidence changed little, increasing 0.3pts to 80.5pts. Overall confidence is very weak. The series has been below neutral for over 2yrs. Inflation expectations rose 0.1pts to 5.0%.
• The Bank of Korea said inflation is expected to ease gradually as projected in May.
• PBoC injected CNY 2bln via 7-day reverse repos with the rate at 1.80%.
• TSMC (2330 TT/TSM) said they have had conversations with customers about whether to move TSMC’s fabs out of Taiwan amid China tensions; added it is impossible to move TSMC’s fabs out of Taiwan as 80%-90% of production capacity is in Taiwan.
• BoJ’s Himino says firms will likely have more freedom in setting prices flexibly when prices and wages are rising moderately in tandem. In economy facing effect zero lower bound, asset price moves such as FX, stocks and property prices are likely to serve as key transmission channel of monpol. Guiding monpol to attain a situation where underlying inflation moves to around 2%; several measures have underlying inflation short of this figure, but gradually accelerating towards it. Need to look at price data and various factors such as wages and firm activity when judging underlying inflation. Inappropriate for monetary policy to target FX. FX fluctuations have various impacts, not just through import costs but on activity as well. Must be very vigilant to FX action. Must look at various aspects in guiding policy, should not automatically respond to FX moves in setting rates. Need to consider the whole economy and prices when considering what to do with the balance sheet. Desirable for market forces to set long-term rates. Must avoid abrupt bond market moves.
• BoJ is said to mull reducing bond buys as early as the June meeting, via Bloomberg.

DATA RECAP

• South Korea CPI Growth YY (May) 2.7% vs. Exp. 2.8% (Prev. 2.9%); MM (May) 0.1% vs. Exp. 0.2%. (Prev. 0.0%)
• Australian Business Inventories (Q1) 1.3% vs. Exp. 0.7% (Prev. -1.7%, Rev. -1.6%)
• Australian Gross Company Profits (Q1) -2.5% vs. Exp. -0.6% (Prev. 7.4%, Rev. 7.1%)
• Australian Current Account Balance SA (Q1) -4.9B AU vs. Exp. 5.1B AU (Prev. 11.8B AU)
• Australian Net Exports Contribution (Q1) -0.9% vs. Exp. -0.6% (Prev. 0.6%)
• Australian Business Inventories (Q1) 1.3% vs. Exp. 0.7% (Prev. -1.7%)
• Australian Gross Company Profits (Q1) -2.5% vs. Exp. -0.6% (Prev. 7.4%)
• Australian Company Profits Pre-Tax (Q1) -8.4% (Prev. 4.7%)

NORTH KOREA/SOUTH KOREA

END

2e) JAPAN

3 CHINA

CHINA/USA

I guess this means he will not put boots on the ground

(zerohedge)

Biden ‘Not Ruling Out’ Boots On The Ground If China Invades Taiwan

TUESDAY, JUN 04, 2024 – 02:00 PM

President Biden has affirmed he is ‘not ruling out’ boots on the ground in Taiwan, in the scenario of a future Chinese invasion. While this type of response is really nothing new when it comes to American politicians being asked hypothetical questions about the future of Taiwan, it does come at a tense moment when an anti-Beijing hawk, Lai Ching-te, has just ascended as Taiwan’s new president.

In a fresh interview with Time magazine published Tuesday, Biden was asked what his response as Commander-in-Chief might be if China’s PLA army were to attack the self-ruled island. “It would depend on the circumstances,” the president replied. “We’re continuing to supply capacity… And we’ve been in consultation with our allies in the region.”

But that’s when he explaining he’s not “ruling out using US military force” on the ground. He also said there are other options on the table which he cannot disclose. He added: “You would then criticize me with good reason if I were to tell you.”

Below is the excerpt from the Time interview where Biden was asked about exercising the military option:

During his 40 months in office, events have tested Biden’s vision of American world leadership. Alliances haven’t been enough to win a new European war in Ukraine. U.S. power and leverage haven’t prevented a humanitarian catastrophe in the Middle East, marked by alleged war crimes. Putin is trying to assemble an axis of autocrats from Tehran to Beijing.

In China, the U.S. faces an adversary potentially its equal in economic and military power that is intent on tearing down the American global order. President Xi has told his military to be ready to invade Taiwan by 2027, U.S. officials say, raising the possibility of a dark analogue to Normandy in Asia. Biden doesn’t rule out sending troops to defend Taiwan if China attacked, saying, “It would depend on the circumstances.”

We should note that the publication’s allegation that Russia’s Putin is trying to “assemble an axis of autocrats from Tehran to Beijing” is a tad exaggerated and lacking in nuance.

Independent journalist Michael Tracey has also pointed out some significant flaws in the article’s assumptions, especially when it comes to commentary on Biden and Trump’s foreign policy visions….

First, Biden repeats the common Democratic folklore that Trump wants to “abandon” US alliances, and in particular wants to “eviscerate” NATO. At this point, this is just pure mind-melting myth. Trump brags to this VERY DAY about how he secured additional spending commitments from NATO member states. It makes zero sense for Trump to “eviscerate” NATO, a key tool of American hegemonic power, which Trump bombastically pledges to maintain and expand.

Absolutely nothing from the actual record of the Trump Administration reflects doing anything to substantively undermine NATO. Rather, the opposite: He literally signed off on two rounds of NATO expansion, and he elevated Ukraine into a NATO subsidiary status. He increased the funding of the Pentagon funding vehicle for US troops in Europe. He set up new military garrisons in Poland.

Trump even recently posted an endorsement of his pro-NATO stance from the NATO secretary-general, Jens Stoltenberg. This is so disastrous because it perpetuates the political dynamic whereby Trump is given incentive to further demonstrate how steadfastly supportive he is of NATO, to refute this never-ending myth.

Likely their views of how to handle the Taiwan crisis also line up similarly. As November draws closer, the anti-China rhetoric from both campaigns is likely to ratchet higher.

Starting as far back as two years ago, Biden publicly said he would be ready to defend Taiwan militarily in the event of a Chinese invasion. Chinese military drills have surrounding Taiwan have only grown more aggressive since then.

“Historic Moment”: China Lands Spacecraft On Far Side Of Moon To Collect Samples

MONDAY, JUN 03, 2024 – 04:40 PM

In space news this weekend, Boeing’s crewed Starliner spacecraft launch from NASA’s Kennedy Space Center in Florida to the International Space Station was scrubbed again, and China’s Chang’e-6 lander successfully touched down on the far side of the moon.  

Launched on May 3 from Wenchang Space Launch Center on the island of Hainan, in China, the lander has been orbiting the moon for days and finally landed at the South Pole-Aitken Basin at 06:23 Beijing time on Sunday morning. 

The lander is expected to deploy a mechanical arm with a drill bit and then drill down into the lunar surface, extracting a 4.4-pound core sample. The sample will then be taken to another module orbiting the moon and returned to Earth by the end of June.

Lunar missions to the moon’s far side are challenging because it doesn’t face the Earth, requiring a relay satellite to maintain communications. The rugged terrain required the spacecraft to use light detection and ranging (LiDAR) and optical cameras for landing.

Chang’e-6 is China’s fourth lunar landing out of four attempts. This is also the second successful landing (Chang’e-4 in 2019) on the moon’s far side. In 2024, this is the third lunar landing, following Japan’s SLIM in January and Intuitive Machines’ IM-1 Odysseus lander in February.

“I have been analyzing the scientific data of the Chang’e-4 mission that landed on the far side of the moon, and I am constantly excited to have new findings from the ongoing rover data. Therefore, I am particularly excited about the Chang’e-6 mission,” Xu Yi, an assistant professor at the Macau University of Science and Technology, told SpaceNews last week.

Yi continued, “The reasons for the asymmetry in the scale of volcanic activity between the lunar nearside and farside are still subject to different hypotheses. Chang’e-6 will probably collect lunar samples from various sources, including products of local volcanic activity. Dating and compositional analysis of these samples will provide more ground truth information about volcanic activity on the far side.”

Chinese state media outlets called the landing a “historic moment.” 

China’s Chang’e-6 touched down on the far side of the moon on Sunday morning, and will collect samples from this rarely explored terrain for the first time in human history, the China National Space Administration (CNSA) announced. #GLOBALink

4:22 AM · Jun 2, 2024

·

9,818 Views

China's Chang'e-6 touched down on the far side of the moon on Sunday morning, and will collect samples from this rarely explored terrain for the first time in human history, the China National Space Administration (CNSA) announced. #GLOBALink pic.twitter.com/ZDE2Bl2qhu

— China Xinhua News (@XHNews) June 2, 2024

Looking ahead, Elon Musk’s SpaceX is now targeting June 6 for the fourth test flight of the mega-rocket called Starship. 

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-

Flight 4 of Starship is now targeted to launch as early as June 6, pending regulatory approval http://spacex.com/launches/mission/?missionId=starship-flight-4…

1:01 PM · Jun 1, 2024

·

27.2M Views

https://twitter.com/SpaceX/status/179695012483873602

The space race is heating up. 

END

CHINA/

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

ITALY/AUSTRIA/RUSSIA

Italy Pipes Up Against NATO Escalation As Court Ruling Could Cut Off Russian Gas Sooner Than Expected

TUESDAY, JUN 04, 2024 – 02:00 AM

Authored by Conor Gallagher via Naked Capitalism,

An opaque legal ruling could, in a roundabout way, soon halt all pipeline deliveries of Russian gas to Austria – and therefore Italy. Coupled with the ongoing disruptions in the Red Sea, the economic consequences for Europe’s second-largest industrial location could be dire.

In late May, an undisclosed European court handed down a ruling that in a roundabout way could force Austria’s main gas company OMV (Österreichische Mineralölverwaltung or Austrian Mineral Oil Administration) to stop paying for Russian gas.

Some background:

This all goes back to the West’s “freezing” of hundreds of billions of Russian foreign assets in 2022. In light of that move, Putin introduced the “gas for roubles” program so that payments and clearing on its gas exports would be under the control of the Russian Central Bank and therefore unable to be frozen or stolen by the West.

Many European countries/companies refused to comply and loudly complained that Putin was cutting off the gas.

Meanwhile, some countries and companies in central Europe were “allowed” by the EU to continue importing Russian gas due to difficulties in updating their legacy energy infrastructure or some other reason. So companies like Austria’s OMV agreed to pay in roubles and continue to import the Russian gas and often send it on to the countries that threw a fit over the gas for roubles program.

Now, here we are two years later, and it looks like OMV is going to be forced to stiff Gazprom on payments and redirect that money to European energy companies who refused to pay in roubles.  What little details of the case that are known are this from Upstream:

…European companies led by Germany’s Uniper and RWE filed arbitration claims in Sweden, Switzerland and Luxembourg against the Russian company’s European trading subsidiary, Gazprom Export, seeking multibillion-dollar compensation payouts.

OMV said on Wednesday that its remaining supplies from Gazprom may be under threat due to “a foreign court ruling” obtained by “a major European company” relating to the 2022 halt in supplies.

Neither the court nor the company was identified.

However, OMV said the court ruling contains an injunction ordering Gazprom’s remaining European customers to divert their payments for received Russian gas to the accounts of the “major European company”, as enforcement of the compensation is deemed impossible in Russia.

OMV said that, if enforced, the ruling will require its OMV Gas Marketing & Trading subsidiary “to make payments under its gas supply contract with… Gazprom Export” to “the European energy company instead of sending them to Gazprom Export”.

“However, it is currently not known to OMV whether and when such an enforcement might occur,” it added.

 Naturally, since Gazprom would not be receiving money for its natural gas, it would no longer deliver it to Austria. Despite the obviousness of that response, all the headlines read like this:

OMV of course says that it would still be able to supply customers with volumes from non-Russian sources through its “extensive diversification efforts in recent years,” but at what cost? At least one prediction has European natural gas prices jumping 18 percent, and that’s on top of the significant rises over the past two years. There’s a reason that Austria kept importing from Russia and is now the EU country that relies the most on Russian gas. As always, it’s cheap and reliable.

For comparison, OMV just signed long-term deals with BP and US-based company Cheniere Energy to import a combined nearly 2 million tons of LNG per year through a terminal in The Netherlands. The deals don’t begin until 2026 and 2029, respectively, and the contractual price will be pegged to market prices, which is the obvious disadvantage compared to set prices in long term contracts with Russia.

Francesco Sassi

@Frank_Stones

through Ukraine at the end of 2024, when the transit agreement between Moscow and Kyiv will expire. The possibility of reduced flows, together with the maintenance of Norwegian primary infrastructures and steady geopolitical tensions made TTF increase by almost 9% in just 2 days.

6:45 AM · May 23, 2024

·

1,155 Views

Sure, the increased energy prices will hit the poorest Europeans hardest and reduce their quality of life, but hey, it’s good for US LNG companies.

The fact is, this is bad news for Austria, and maybe more importantly from an EU-wide perspective, for the bloc’s second largest industrial center: Italy. Both countries have been trying to prepare for a halt to Russian gas supplies at the start of the next year when the current gas transit agreement between Russia and Ukraine expires. Officials in Kiev have repeatedly made it clear that will be the end of Russian gas flowing through Ukraine.

That the cutoff date might now come sooner than expected just adds insult to injury. As OMV talks up its diversification efforts, it only has to look to Italy to see how difficult that process can be. With the ongoing tensions in the Red Sea and the Middle East causing disruptions in LNG deliveries Rome is in a major bind despite long pretending otherwise.

Italy has Algeria to the south, which was going to increase gas and oil exports. Italy had the LNG facilities and was going to be part of “the continent’s new economic growth engine.”

But that plan to transform the country into a gas hub for Europe, already on shaky ground, started to go up in flames in the Red Sea months ago. Italian PM Giorgia Meloni’s predecessor, the unelected former Goldman Sachs man Mario Draghi, was one of the biggest proponents of the EU’s doomed Russia policy and pushed the energy hub idea, which was seamlessly picked up by Meloni.

It was never all that well thought out in the first place.

In 2021, Russian imports accounted for 23 percent of Italian fuel consumption with gas depended on more heavily (about 40 percent of imports), but it was said Italy was well-positioned to manage the loss of Russian fuels due its proximity to North Africa. Italy quickly began looking south across the Mediterranean as part of the EU-wide turn to Africa in search of energy replacements for Russian oil and gas. Algeria was going to increase the flow of gas through an existing pipeline, and the countries plan to build another pipeline.

Here were Italy’s calculations from a March 2022 piece from Hellenic Shipping News:

Italy consumed 29 billion cubic metres (bcm) of Russian gas last year, representing about 40% of its imports. It is gradually replacing around 10.5 bcm of that by increased imports from other countries starting from this winter, according to Eni.

Most of the extra gas will come from Algeria, which said on Sept. 21 it would increase total deliveries to Italy by nearly 20% to 25.2 bcm this year. This means it will become Italy’s top supplier, provide roughly 35% of imports; Russia’s share has meanwhile dropped to very low levels, Descalzi said this week.

The rest of the shortfall was to be made up of LNG shipments from Angola, Egypt, Mozambique, Qatar, and of course the United States.

Rome was using billions of euros coming from the EU’s green fund, the REPowerEU plan, and the Covid recovery fund to completely wean itself off Russian gas and turn the country into a hub, mainly with LNG storage facilities. The government rushed through a 5 billion cubic meter capacity (bcm) LNG terminal project in Tuscany with the Draghi government appointing a special commissioner with near-absolute powers that allowed the project to proceed despite court challenges.

In December, Italy’s gas grid operator Snam completed a $400 million deal for another floating 5 bcm LNG storage and regasification facility that will be based on Italy’s northeastern coast, which will bring the country’s total to 28 bcm.  In September of 2022, Reuters declared that the “energy crisis sires new European order: a strong Italy and ailing Germany.”

The Italian government patted itself on the back and said it was the “best in Europe” on energy security.

While gas made up about 51 percent of Italy’s total electricity generation in 2022 (the highest level in Europe), more than 95 percent of it was imported from overseas, and the problem was the math was overly optimistic going forward.

The Transmed system connecting Algeria and Italy wasn’t even operating at full capacity in 2022 when Italy began to believe it was going to be able to ramp up deliveries. There were major Algerian production issues, including infrastructure problems and the need to divert gas to meet increasing domestic demand for electricity.

Marco Giuli, a researcher at the Brussels School of Governance in Belgium, told Natural Gas Intelligence at the time that “the additional 9 Bcm from Algeria by 2023 is unrealistic, especially considering that Algerian supplies to Italy increased by 80% between 2020 and 2021, Giuli said.

Here we are in 2024 and Algeria’s gas exports to the EU have actually declined:

@MeesEnergy

1:57 AM · Jan 15, 2024

·

1,692 Views

🇩🇿's LNG export reached a 13 year high in 2023. As 🇩🇿's largest LNG buyer, 🇹🇷 increased its import by 20% reaching a record 4.45 BCM followed by 🇫🇷 & 🇮🇹.

🇩🇿's total gas export remains strong, reporting a 6% growth in 2023 despite increase in domestic consumtion.
By @MeesEnergy pic.twitter.com/NZXpnsytZi

— ReDa Amrani (@RedaAmrani_) January 15, 2024

So with LNG problems due to the Red Sea disruptions and less than hoped for from Algeria,  what did Italy do in response? It started getting more gas from Russia via Austria:

Francesco Sassi

@Frank_Stones

Italy is still importing a lot of Russian gas. Despite political announcements made and calls by

EU authorities to zero the gas flows from Russia, in March Italy has imported almost three times the gas it was importing a year ago. This gas transit through

Ukraine

Jan 24

Italy becomes the first country in Europe to see energy security directly affected by the ongoing fights in the Red Sea between US & UK navies and the Houthi rebels. An incoming LNG cargo from

Qatar to the Adriatic LNG terminal, the largest in Italy, has been cancelled

x.com/Frank_Stones/s…

Show more

7:29 AM · Apr 23, 2024

·

239.4K Views

🚨🇮🇹Italy is still importing a lot of🇷🇺Russian gas.
Despite political announcements made and calls by🇪🇺EU authorities to zero the gas flows from Russia, in March Italy has imported almost three times the gas it was importing a year ago.
This gas transit through🇺🇦Ukraine
🧵 https://t.co/TWbyCjd5wz pic.twitter.com/XsU6TGkZd0

— Francesco Sassi (@Frank_Stones) April 23, 2024

Now, it looks like Russian supplies could be cut off even sooner than expected, and with Israel announcing its destruction of Gaza will continue until the end of the year, that means the Red Sea will remain a no-go zone. So Italy, Austria and others will be stuck with limited LNG options, which means prices will likely be ridiculously high due to scarce supply. Meanwhile, Italian factory activity continues to contract as it has been doing for the majority of the time for the past two years.

The vise tightening in Italy could be playing a role in Italian politicians piping up about the insanity of US/NATO escalation against Russia. Consider the following signs that Italy wants to get off the escalator in recent weeks:

• In early May Italian Defense Minister Guido Crosetto slapped down French President’s Emmanuel Macron’s flirtation with the idea of sending Western troops to Ukraine.
• Foreign Minister Antonio Tajani declared that Italy is not at war with Russia and will not send troops.
• Deputy Prime Minister of Italy and Minister of Infrastructure and Transport Matteo Salvini said that NATO General Secretary Jens Stoltenberg should recant his statements about using Western weapons to attack inside Russia’s pre-2014 borders, or he should resign. The full comment: “Never attack Russia,” says Salvini, who adds: “If they want to go and fight in Ukraine, let Stoltenberg, Emmanuel Macron and all the bombers who want war go there. Ukraine or using our weapons to kill in Russia is madness. Either this gentleman who speaks on my behalf, since he speaks on behalf of NATO, either apologizes or resigns. Because the Italian people did not give you any mandate to go and shoot in Russia”.

Unfortunately for the Italian people and especially the working class who have to bear the brunt of the pain from the economic war against Russia, the pushback against further escalation is too little, too late.

The Italian public has consistently shown some of the lowest support levels in Europe for Project Ukraine, and those numbers have been consistently falling as research shows that half of Italians are struggling to make ends meet.

Productive sectors of the economy have never been on board, and some political figures on the right like Salvini’s League and Berlusconi’s Forza Italia have periodically spoken out against escalation, but any attempts at a rational cost-benefit analysis or even maintaining some sort of cultural dialogue with Russians is met with hysteria from the liberal centrists in Italy (the real left has been mostly stamped out).

It’s a major shift for Italy, which long enjoyed close ties with Russia. The two countries remained strong business partners until recent years. For example, Italy shared manufacturing know-how, such as on civil aircraft and helicopter projects, as well as the modernization of rail transportation, and Russia had the energy. Many mid-sized Italian businesses, especially in areas like agricultural manufacturing, were also eager to get into the emerging Russia market. They’re now doing what they can to stay there. Italian exports to Türkiye, for example, have jumped 87 percent over the last two years with much of that increase likely attributable to the effort to bypass sanctions.

But now the gas is soon to be completely cut off and the US is cracking down on countries like Türkiye and their role in sanctions evasion.

The whole Project Ukraine has always been a lose-lose proposition for Italy. Go against it and fall victim to EU Commission President Ursula von der Leyen’s “tools,” which would have likely included yanking the nearly $200 billion in Covid recovery funds going to Rome along with other financial difficulties orchestrated from Brussels. Despite a big part of her appeal being her earlier pro-sovereignty positions, Meloni pledged fealty to the EU, NATO, and the US after her 2022 election. That decision, too, now has Italy in a massive bind. And despite Meloni rolling over, von der Leyen’s “centrist” pro-Project Ukraine coalition partners in Brussels are now threatening to block the latter from a second term running the EU Commission if she tries to bring Meloni’s party into the center-right European People’s Party in the EU Parliament.

And that pretty much sums up Italy’s past thirty years of involvement in the European project.

For three decades Italy has been one of the most eager adopters of EU-prescribed neoliberal reforms. Leaders in Rome complain but say there’s no choice.

For decades public assets have been sold off. American private equity is currently feasting on the country with CIA-connected KKR nearing completion of its acquisition of Telecom Italia’s fixed line network. More are to come as the sell-off must go on, the leaders in Rome complain but obey.

Most Italians’ standard of living keeps falling, but that only proves more market-friendly reforms are needed, Brussels says. Italian leaders complain but oblige. One can only wonder why.

And now what was left of Italian manufacturing is being killed so that US energy companies can make a killing delivering LNG, but Russia bad, they say.

And no doubt, despite these recent protestations over further escalation with Russia, when the US demands its European vassals wade ever deeper into the Ukrainian morass, the government in Rome will moan and wail as they order working class Italians to the front lines.

END

NETHERLANDS/NATO/UKRAINE RUSSIA

very foolish indeed. this may start world war iii

(zerohedge)

Netherlands Joins Denmark In Saying Ukraine Can Use F-16s To Strike Inside Russia

TUESDAY, JUN 04, 2024 – 05:45 AM

The Netherlands is the latest NATO country to announce that it backs allowing Ukraine to attack inside Russian territory using its weapons. More importantly, it has joined Denmark in saying it does not object to Kiev using F-16s to attack Russia.

“If you have the right to self-defense, there are no borders for the use of weapons. This is a general principle,” Dutch Foreign Minister Hanke Bruins Slot said days ago. Kiev could receive its first F-16s in a matter of weeks.

This came immediately after Denmark’s foreign minister Lars Lokke Rasmussen was the first to proclaim such a policy, saying it would be “within the rules of war”.

“We made it clear from the very beginning… that this is part of self-defense so that it would also be possible to attack military targets on the aggressor’s territory,” Rasmussen had said from Brussels late last week.

The Netherlands, Denmark, Norway, and Belgium are part of a US-approved ‘fighter jet coalition’ which will oversee dozens of American-made F-16 fighter jets transferred to Ukraine’s armed forces. The Netherlands alone has pledged 24 jets, and initial deliveries are expected this summer.

Moscow views this ‘greenlight’ as a huge new provocation and escalation given F-16s are capable of carrying tactical nuclear weapons. Russia previously said it will have no choice but to assume each F-16 could be armed with nukes.

President Putin has warned of “serious consequences” after the Kremlin previously warned that NATO bases from which these jets are deployed could come under attack. 

But on Friday NATO Secretary-General Jens Stoltenberg shrugged off Moscow’s warnings by saying:

“This is nothing new. It has … been the case for a long time that every time NATO allies are providing support to Ukraine, President Putin is trying to threaten us to not do that.”

“And an escalation – well, Russia has escalated by invading another country.”

Likely Russia’s military will seek to target Western-supplied fighter jets sent to Ukraine as soon as they enter its territory, as it maintains air superiority over most of the country.

Not all members of the NATO fighter jet coalition have been quick to greenlight attacks on Russian territory. While the policy could change, Belgian Prime Minister Alexander De Croo at the start of this week stipulated that the jets it gives Ukraine can only be used against Russia within Ukrainian territory.

Russia has made it clear it will assume any F-16’s in Ukraine are nuclear capable regardless of alleged modifications. Denmark is playing with nuclear fire

From

Anton Gerashchenko

Russia has made it clear it will assume any F-16’s in Ukraine are nuclear capable regardless of alleged modifications.

Denmark is playing with nuclear fire

pic.twitter.com/78oAkrjJkC

— 🥖🎪 (@503i7) May 6, 2024

“Everything which is covered by this agreement is very clear: it is for utilization by the Ukrainian defense forces on Ukraine territory,” De Croo said in response to a journalist’s question last week. He said this as President Zelensky was recently in Brussels to sign a defense pact with the Belgian government worth nearly €1 billion.

END

GERMANY

what took them so long to think us this?

(zerohedge)

Germany Considering Deportations To Afghanistan After Migrant Stabbing Attack

TUESDAY, JUN 04, 2024 – 12:40 PM

Authored by Paul Joseph Watson via modernity.news,

Germany is considering allowing deportations to Afghanistan of dangerous criminals following the frenzied stabbing attack in Mannheim that left a police officer dead.

The attack was carried out by an individual angry at right-wing political activist Michael Stürzenberger for criticizing Islam.

Footage of the incident shows a police officer tackling the wrong person, one of Stürzenberger’s campaign workers, before being stabbed in the neck from behind.

The police officer, named as Rouven L., subsequently died from his injuries after failing to wake from an induced coma.

The culprit, Sulaiman Ataee, arrived in Germany in 2013 as a refugee and was refused asylum but remained in the country due to his age and went on to marry a Turkish woman with German citizenship.

Remix News reports that from about 2020 onwards, Ataee “Grew a full beard and developed an identity around radical Islam. On a Youtube channel that has since been deleted, which was run by Ataee, he featured a Taliban flag in his profile photo and uploaded videos of terror preacher Ahmad Zahr Aslamiyar.”

Recently released government violent crime statistics show that foreign migrants account for nearly 6 in 10 violent crimes in Germany, with Afghans making up a sizeable chunk of that figure.

German authorities have responded by indicating they will now begin deporting Afghan criminals back to their home country, despite it now being under Taliban rule.

Interior Minister Nancy Faeser told journalists officials had been carrying out an “intensive review for several months… to allow the deportation of serious criminals and dangerous individuals to Afghanistan.”

“It is clear to me that people who pose a potential threat to Germany’s security must be deported quickly,” Faeser said.

“That is why we are doing everything possible to find ways to deport criminals and dangerous people to both Syria and Afghanistan,” she added.

One wonders why Afghan criminals were not already being deported given that Afghanistan under the Taliban is now relatively stable to the point that tourists are even returning to the country.

As we highlight in the video below, while the government may be taking some steps to deport violent Afghan criminals, other members of the political class called for more diversity while the media seemed intent on hiding the nature of the incident altogether.

asdf

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

5. RUSSIA AND MIDDLE EASTERN AFFAIRS.

ISRAEL/SYRIA

Israel hits Syria again with more IRGC casualties

(zerohedge)

Israel Pounds Aleppo In Fresh Attack, Iranian IRGC Casualties Confirmed

MONDAY, JUN 03, 2024 – 05:20 PM

Israel launched major airstrikes on the northern Syrian city of Aleppo in the overnight hours, which killed an Iranian military adviser, and possibly more Iranian militia members, as well as civilians.

“At approximately 12:20 AM at dawn on Monday, the Israeli enemy launched an aerial attack with missiles from a direction of southeast Aleppo, targeting a number of points in the vicinity of Aleppo city, and the army air defenses intercepted the aggression’s missiles and shot down some of them,” Syrian state SANA said.

“The aggression led to the martyrdom a number of civilians, and some material losses to the property,” the report added.

Hours after the initial overnight and early morning reports of the attack, Iranian state media confirmed the death of an Islamic Revolutionary Guard Corps (IRGC) officer.

“During last night’s attack by the Zionist regime on Aleppo, Saeed Abyar, one of the IRGC advisers in Syria, was martyred,” confirmed Iran’s Tasnim news agency.

But there are unverified reports that many more were killed. The opposition-linked, anti-Assad war monitor Syrian Observatory for Human Rights (SOHR) reported that 16 members of pro-Iran groups were killed in the attack. The main strike location was reportedly at a copper smelting plant and weapons warehouse in the Aleppo countryside. 

SOHR has documented forty-four Israel attacks on Syria in 2024. This includes:

“32 airstrikes and 12 rocket attacks by ground forces, during which Israel targeted several positions in Syria, destroying nearly 92 targets, including buildings, weapons and ammunitions warehouses, headquarters, centres and vehicles. These strikes killed 164 combatants and injured 69 others…”

Days ago, Israel bombed the coastal Syrian city of Baniyas, killing a girl along with ten other civilians, local reports said. 

Below: unverified footage of the aftermath of the overnight strikes…

https://www.zerohedge.com/geopolitical/israel-pounds-aleppo-overnight-attack-iranian-irgc-casualties-confirmed

In the initial days and weeks after Oct.7, Syria had lobbed several rockets toward the Israeli-occupied Golan Heights, which left no casualties. Much of the Syrian populace has meanwhile become frustrated and expressed growing anger that the Russian military, which has long had a significant presence inside Syria (especially since 2015), has not done more to try and intercept inbound Israeli jets. But Israel often mounts its attacks from over Lebanese airspace.

“Moscow strongly condemns these aggressive actions, which come in gross violation of Syria’s sovereignty and basic rules of international law,” Russia’s foreign ministry announced Monday. “Such use of force, which in the current tense regional situation can lead to extremely dangerous consequences and trigger a large-scale armed escalation, are unacceptable.”

Tensions are soaring especially in the wake of Israel’s April 1st brazen attack on Iran’s embassy in Damascus, which left a high ranking IRGC General and several other Iranian officers dead. Additionally, in southern Lebanon Hezbollah has been upping its attacks on Israel in recent days and weeks. Hezbollah is closely allied with Damascus and Tehran.

https://www.zerohedge.com/geopolitical/israel-pounds-aleppo-overnight-attack-iranian-irgc-casualties-confirmed

END

ISRAEL/HAMAS

IDF announce deaths of four hostages in Hamas captivity

Their murder is a sad reflection on the significance of delaying deals, Hostage Forum says.

By JERUSALEM POST STAFF, YONAH JEREMY BOBJUNE 3, 2024 19:54Updated: JUNE 3, 2024 23:05

The IDF on Monday night confirmed the death of four additional hostages from the remaining group which Hamas seized on October 7.

The four are Haim Perry and Yoram Metzger, age 80, and Amiram Cooper, age 84, all from Nir Oz, and Nadav Popplewell, age 51, from Nirim.

The announcement was based on intelligence and confirmed by a Health Ministry expert, in coordination with the Religious Services Ministry and the Chief Rabbi of Israel.According to the IDF, they were not killed on October 7, but rather afterward while being held in Gaza.

The military said that the four were killed in the Khan Yunis area a number of months ago.

The IDF further said that the four hostages were killed during a period when the it was carrying out operations in the area.

In addition, it said that this revelation would raise difficult questions about the circumstances of the hostages’ death and that the military would continue to probe the issue.

Hamas had previously put out a video regarding the hostages, but the IDF said it would not declare the hostages as deceased until it had independent confirmation, as it does now.

Popplewell’s mother, Hannah Perry, was released on November 24; his brother Roee was murdered on October 7.

Metzger is survived by his wife, Tamar, three children, and seven grandchildren. 

Cooper is survived by his wife, Nurit, age 79, three children, and nine grandchildren. His wife was held captive in Gaza for 17 days before she was released on October 23. 

Perry was a husband, a father of five, a grandfather of 13, a peace activist, and an artist. 

In light of the news, the Hostages & Missing Families Forum provided the following announcement:

“The heartbreak that comes with this painful news should shake every citizen in the State of Israel and lead every leader to profound soul-searching. Chaim, Yoram, Amiram, and Nadav were kidnapped alive, some of them were with other hostages who returned in the previous deal – and they should have returned alive to their country and their families!

“The Israeli government must send out a negotiating delegation this evening and return all 124 hostages, both living and murdered, to their homes,” the forum said. “It is time to end this cycle of sacrifice and neglect. Their murder in captivity is a mark of disgrace and a sad reflection on the significance of delaying previous deals. We reiterate our demand to the Israeli government: Approve the Netanyahu deal immediately!”

END

JERUSALEM POST

Israel’s war with Hamas is an existential battle for right to self-defense, envoy to US says

Ambassador Mike Herzog emphasized Israel’s struggle for self-defense amid the Gaza war at the Jerusalem Post Conference, contrasting views with former VP Pence.

By TOVAH LAZAROFFJUNE 4, 2024 02:24Updated: JUNE 4, 2024 02:42

Jerusalem Post Editor-in-Chief Zvika Klein seen at the Jerusalem Post Annual Conference in New York, June 3, 2024 (credit: MARC ISRAEL SELLEM)

Israel is fighting an existential public relations war for its right to self-defense, Ambassador Mike Herzog told the annual Jerusalem Post Conference in New York, as he reflected on the last nine months of the Gaza war.

“While we fight the military war on the ground in Gaza, we fight another war which is critical as well, the war to defend our right to exist, our right to defend ourselves,” he said in a conversation with Jerusalem Post Editor-in-Chief Zvika Klein.

“It’s a war of perceptions and narratives. It’s a war against those who want to delegitimize the State of Israel. It is a critical war, and we need to think about this strategically, long term,” said Herzog who has been Israel’s Ambassador to the US since the war began on October 7.

“For us, this war is existential. It touches on existential nerves,” he said.

Former US Vice President Mike Pence, who spoke with Klein before Herzog, attacked US President Joe Biden on his Israel record during the war.

“If there was ever a time when America should be sounding a clear sound of support for Israel, that is now,” the veteran Republican politician said.

Whether its domestic politics or lapse of judgment, I have been deeply disappointed as have tens of millions of Americans to see President Biden’s faltering rhetoric on Israel,” he said.

Herzog who works with the Democratic Biden administration daily, said that the President had stood with Israel, as he listed the many gestures of support.

“Since the beginning of the war, we have enjoyed a supply of weapon systems and munitions to the tune of billions of dollars,” Herzog said.

“We just saw the passing of the supplemental [budget], which is the biggest ever. The US vetoed four anti-Israel resolutions at the UN [Security Council].

“They stood with us at the International Criminal Court and International Court of Justice,” Herzog said.“And when we are massively attacked by Iran, with hundreds of munitions on the night between April 13 and 14th, they stood with us,” he said.

But, he noted, there are policy differences, although he did not elaborate.

“These are dark days, but we have to keep our faith and hope.

“I’m hopeful that ultimately, we’ll see better days. And I am a great believer in the relations between Israel and the US. The American people, are with us,” Herzog said.

He recalled the fateful moments at the start of the Gaza war, when Hamas invaded southern Israel early in the morning, what would have been close to midnight in Washington.

He immediately put the embassy in war mode and contacted a senior person at the White House.

“It was past midnight. I said this is not another usual situation. And the guy wrote me back. ‘We are with you now.’”

end

Fires Rage In Northern Israel After Uptick In Hezbollah Attacks

TUESDAY, JUN 04, 2024 – 08:20 AM

Huge fires in Israel’s Galilee region are once again raging out of control following stepped-up rocket and drone attacks by Hezbollah on northern Israel. Some reports are citing over 20 wildfires in various locations.

Israeli media has confirmed that “a large blaze is spreading in the Ramim Ridge area, near Kiryat Shmona, reportedly as a result of rocket impacts in the area over the past day.” Homes in Kiryat Shmona have been destroyed and the fires are surrounding more communities.

Fire and rescue teams have been working around the clock to extinguish the blazes. “Meanwhile, the service says firefighting efforts also continue in the Golan Heights, following a major fire sparked yesterday as a result of a Hezbollah rocket barrage at the Katzrin area,” Times of Israel reports.

Since Oct.7 there’s been daily tit-for-tat fighting along the Israel-Lebanon border, but the past week has witnessed a noticeable uptick in the intensity of the fighting, also as Israel has expanded its Rafah offensive in southern Gaza.

On Monday Hezbollah announced a new first–it launched a squadron of drones against the Israeli military’s Galilee headquarters. Additionally dozens of Katyusha rockets rained down on the occupied Golan Heights.

The Cradle

@TheCradleMedia

The north is burning: Israeli media reports that 32 firefighting teams have been working for hours to extinguish fires spreading in 13 locations across the northern Galilee due to the recent strikes by the Lebanese resistance.

6:25 PM · Jun 3, 2024

·

17.4K Views

witter.com/TheCradleMedia/status/1797756492638237109?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E17

“Air raid sirens sounded numerous times across northern Israel, sending residents running for shelter,” Reuters reports. “The Israeli military said it had intercepted one drone from Lebanon carrying explosives, and at least two others fell in northern Israel.”

Reuters additionally confirmed, “Continuous rocket and drone launches since Sunday have set off massive wild fires in Israel’s north.”

Massive fires are raging in northern Israel following Hezbollah rocket and drone attacks today

0:01

4:46 PM · Jun 3, 2024

·

38.3K View

Massive fires are raging in northern Israel following Hezbollah rocket and drone attacks today pic.twitter.com/IB5jgluDyC

— Faytuks News (@Faytuks) June 3, 2024

The Galilee region has seen major road closures as a result of the new fires, some of which are encroaching on towns and large settlements:

Fires are also reported in the Mount Adir and Amiad areas, leading to closures of major roads in the Galilee area. Backup teams are being dispatched from other regions to provide assistance.

Police say forces are “evacuating homes, directing traffic, and conducting scans of various areas while firefighters aided by others are helping douse flames.”

Last Friday, Hezbollah Secretary General Hassan Nasrallah in a video link speech declared that the current battle will determine the fate of the whole region.

“This battle concerns Palestine, but also concerns the future of Lebanon and its water and oil resources,” Nasrallah, who is backed by Iran and Syria, said. “This front is a support front that is part of the battle that will determine the fate of Palestine, Lebanon, and the region strategically.”

Emergency crews battling fires at night in the Galilee region:

AFP has said that since the conflict started, at least 450 people in Lebanon have been killed, with the majority of these being Hezbollah militants. But this has also included over 80 civilians and ten rescue workers.

On the Israeli side, Hezbollah attacks have resulted in 14 Israeli soldiers and 11 civilians dead. However, regional sources believe the actual troop death toll could be significantly higher.

Lebanese media has also reported fires in southern Lebanon as a result of Israeli strikes, reportedly from the deployment of white phosphorus munitions.

Some 80,000 residents of northern Israel have remained forcibly evacuated since hostilities began. There’s been immense political pressure on the Netanyahu government to find a solution, short of mounting full-blown war on the northern front and an invasion of Lebanon.

end

Biden Backhands Bibi: ‘Every Reason’ To Believe Netanyahu Prolonging War For Political Survival

TUESDAY, JUN 04, 2024 – 01:00 PM

There is a bizarre blame-game among close allies the United States and Israel playing out publicly. When Biden on Friday unveiled that the US is fully backing the latest Gaza ceasefire deal on the table, the US president characterized it as an Israeli proposal.

But the Israeli prime minister quickly distance himself from it, calling it “incomplete”. Israeli officials have also rejected as “inaccurate” that it was ever an Israeli-proposed deal to begin with. This in turn led reporters to question the Biden administration on the apparent contradiction, and White House spokesman John Kirby pushed back and told a press briefing, “this is an Israeli proposal and the president characterized it accurately.”

A senior Hamas official has meanwhile insisted that “it is not Hamas hampering the deal.” Abu Zuhri said that it is the Israeli side that is not serious about the deal, and that it is stalling and maneuvering under Washington cover “despite the White House knowing that the problem lies with [Israel].”

Summarizing where things stand in this awkward back-and-forth, one geopolitical commentator, Ryan Cristian, told Russian media that “It’s clear that there was an agreement on this for Israel and the US before it was submitted to Hamas, just like last time.”

“We don’t know for sure whether this was Israel bluffing and using the US to be the deliverer of that bluff and then just when Hamas accepted and called their bluff, that’s when they pulled back because, well, they don’t want this war to end,” Cristian continued. “I believe that in every possible sense.”

All of this has led the White House to lose patience, with aides perhaps sensing that it’s ultimately Biden left with egg on his face following Netanyahu’s coldness toward what was billed as an “Israeli proposal” (well, Bibi is still said to be ‘open’ we are told).

President Biden has hit back at Netanyahu personally in a newly published Time magazine interview, asserting that that people have “every reason” to believe that PM Netanyahu is dragging out the war in Gaza for his own political survival.

“There is every reason for people to draw that conclusion,” Biden told the publication. Below is the full section from the interview:

Asked if Israeli forces have committed war crimes in Gaza, Biden says, “It’s uncertain.” From the start, the Administration knew Israel was pushing the limits of legal warfare, the Washington Post and others have reported. The conflict is driving a wedge between the U.S. and its allies. On May 31, Biden laid out a phased cease-fire plan that would end the war and secure the release of hostages. He has continued to pursue the complicated regional deal with Saudi Arabia.

Some close to Biden say the only holdout to the broader pact is Netanyahu. The President declines to say as much, but when asked by TIME if Netanyahu is prolonging the war for his own political reasons, Biden admits, “There is every reason for people to draw that conclusion.”

Already this fresh accusation has hit the front pages of Israeli newspapers. One question that remains is what Biden plans to do about it. Will he bring real pressure to bear on Netanyahu or will this just stop at negative words? Here is how the Associated Press encapsulated the dilemma: 

President Joe Biden is looking past resistance from key Israeli officials as he presses Israel and Hamas to agree to a three-phase agreement that could immediately bring home dozens of Israeli hostages, free Palestinian prisoners and perhaps even lead to an endgame in the nearly eight-month-old Gaza war.

Biden’s big swing — during a tough reelection battle — could also demonstrate to a significant slice of his political base demoralized by his handling of the conflict that he’s doing his part to end the war that has killed more than 36,000 Palestinians and left hundreds of thousands struggling to meet basic needs.

The fact that Washington and Tel Aviv can’t get on the same page continues to be on full display in awkward admin press briefings, leading some to point out that someone must be lying…

Department of State

@StateDept

The world should know, the Palestinian people should know that the only thing standing in the way of an immediate ceasefire today is Hamas.

U.S. Diplomatic Efforts to Secure a Ceasefire in Gaza

The world should know, the Palestinian people should know that the only thing standing in the way of an immediate ceasefire today is Hamas. pic.twitter.com/iE19szDaUH

— Department of State (@StateDept) June 3, 2024

The White House is without doubt realizing that the Gaza crisis and Biden’s inability to exert real influence is an embarrassment headed into the November election. 

RUSSIA UKRAINE/USA

ROBERT H TO US

Biden ‘understands consequences’ of allowing strikes in Russia: Kirby | Al Mayadeen English

Playing with a nuclear exchange? These folks do not understand what they are doing in the least.
At this rate we will be fortunate to enjoy summer before the world changes. The idea that a limited war will be fought using nukes is a Neocon fantasy. CHina and Russia will both combine to ensure that Neocons go into the night, dead.. .. how the rest of humanity fares remains to be seen.
All I know angst and loss not seen in generations is coming quickly and there is darn little anyone can do with few exceptions.
Perhaps in Europe, a veering to the right will save certain nations from disaster while other mindless vassals will be crushed. Horrors of slaughter not seen in modern time will cometh if this is not stopped very soon. A sad time for civilization as we have known it. Already there are those nations positioning to see advantage from the chaos that will ensue.

https://english.almayadeen.net/news/politics/biden–understands-consequences–of-allowing-strikes-in-russ

END

COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUES

WORLD EVENTS NOTEWORTHY

END

WORLD HEALTH ISSUES

CANADA

MARK CRISPIN MILLER

DR PAUL ALEXANDER

French police thwart terror attack ahead of Paris Olympics this summer’; was the attacker Hindu? No! Then had to be Jewish, No! Shit, tell me he was Christian? No! that leaves muslim, islamist right

Well, that last choice was correct & grasshopper, you may now leave the temple, he was indeed muslim islamist jihadist! who would have thunk? & the likes of him in USA NOW due to shia Obama & Biden

DR. PAUL ALEXANDERJUN 3

READ IN APP

end

URGENT: HISTORIC FAUCI FLAMEOUT

and I name the journo I warned back in March of 2020

TRISH WOODJUN 3

READ IN APP

The arc of the moral universe is long but it bends toward justice.

Martin Luther King Jr.

This might be the first time in the past four years that the walls closing in metaphor is actually apt. In a congressional hearing room in DC — as I write this — Tony Fauci is under oath yet again. But this time there is rock solid evidence of his corruption and by extension that of the legacy news media who let him get away with it all. Perhaps here lies redemption for the few scientists and journos who’ve spent the last four years doing battle against Fauci’s kingdom of deception.

I hope that good people like Scott Atlas and Jay Bhattacharya will be fully restored and raised up to the highest levels of achievement in their fields. Like brave pioneers, they stuck their necks out and have been paying the price ever since — for being both brave and correct. They can never go all the way back because there is too much at stake for their tormentors, including Fauci — but no credible person can attack them anymore — the way Chris Cuomo used to. There are emails of Fauci encouraging media ridicule of dissidents and of course, media were happy to play along.

Documents show that Fauci and his C-19 team had NO scientific basis for lockdowns or even social distancing.

I know that Atlas was horrified by the lack data to underscore these dangerous edicts because he told me so on the podcast. And he reports it in his book. He was on the team for s short while. Atlas witnessed the rejection of actual science for Fauci Science — meaning unsupported by data. Understand that Atlas was correct all along. Meanwhile he was getting roasted.

The podcast bro circuit is busy rehabbing Cuomo who received 9 million dollars when he was fired from CNN for a major conflict of interest with his brother, the creepy, handsy governor whose C-19 policies literally killed old people. I know sometimes Little Cuomo’s appearances are in the form of debates (which he loses) but shouldn’t he just be cast out at this point? Maybe he can dole some of his ill-gotten CNN gains out to those of us who worked mostly for free, as a public service, telling the truth and fighting like mad against the lies.

Since I am naming names, I noticed Robby Soave getting all up in Fauci’s grill recently like he is some kind of C-19 warrior against the darkness. Dear information consumer, don’t buy it. Soave is the “reporter” to whom I sent a lengthy warning email in March of 2020 — laying out my bona fides as a former science reporter. You’ll recall I even went toe to toe, in person with Fauci at his NIH office over a deadly decision he made against a much needed AIDS drug. I hoped Soave might listen.

Hey, Robby — we see you. This is a part of what I wrote in March of 2020.

Back in the ‘80s, I was deeply immersed in the AIDS crisis from its earliest days and won many awards for reporting outside the box. I produced and reported hour-long documentaries, news stories, attended International AIDS Conferences and interviewed all the key players including Anthony Fauci.

Here is what I learned about science, medicine, bureaucracy and Tony Fauci.

Doctors and scientists are as vulnerable to groupthink, hubris and greed as any other profession. Treating them as Gods, not to be questioned, and handing them the reins to public health policy and the world’s economy without accountability is absolute folly. I watch as every news program, takes without question or accountability, pronouncements that have no underpinnings in actual data.

I fear that two weeks from now, we will learn that Covid is actually much less dangerous than is being portrayed now, given that we don’t have an epidemiologically reliable cohort of infected people to draw conclusions from.

Given that there are likely hundreds of thousands of mild, unreported Covid cases in the population, mortality rates will be downgraded by a massive number. Tony Fauci knows this, and alludes to it but doesn’t seem to want the message to be fully absorbed.

I’d like to see data on how many people will die as a result of the harsh economic measures being taken. Low margin industries, like restaurants and cab driving will have bankruptcies, suicides and ongoing health issues related to this cruel and unforeseen economic shock.

It was a couple of pages long and I offered myself for a conversation and asked him to show my note to Tucker Carlson who used to book him as a guest. Tucker had gone wobbly for a couple of weeks but then got C-19 right and didn’t waver. I never heard back and Robby took a very long time to speak out against the madness. Until it was safe to do so.

Here is a live link to today’s proceedings.

Have a great week!

#truthovertribe

Stay critical.

SLAY NEWS

The latest reports from Slay News

Bill Gates & WEF Advance Plans for ‘Climate Vaccines’Billionaire Bill Gates, the World Economic Forum (WEF), and their globalist allies are advancing plans that allegedly seek to “save the planet” from “climate change” through the use of vaccines.READ MORE

WHO Demands Crackdown on Critics of Anti-Human AgendaThe World Health Organization (WHO) is demanding that global governments begin cracking down on members of the public who criticize the United Nations (UN) agency’s anti-human agenda.READ MORE

Trump Campaign Raises over $200 Million since ‘Guilty’ VerdictPresident Donald Trump’s re-election campaign has been raking in staggering sums of cash following the Democrats’ weaponization of justice that led to his “guilty” verdict in New York.READ MORE

Jonathan Turley: Trump Will Ultimately Prevail in Appeals ProcessLegal scholar Professor Jonathan Turley has asserted that, while President Donald Trump is currently facing uncertainty in the near term from the Democrats’ lawfare attacks, he will ultimately prevail in the appeals process.READ MORE

Radical Mutiny Continues in Biden’s Administration as Two More Officials Protest-QuitDemocrat President Joe Biden is continuing to face a mutiny from the radical Hamas-supporting wing of his administration.READ MORE

Texas Supreme Court Shoots Down Pro-Abortion Challenge to State’s LawsThe abortion issue will undoubtedly remain at the top of many American voters’ minds as the 2024 election nears.READ MORE

Alina Habba: Jail Sentence Will NOT Stop Trump’s Presidential CampaignPresident Donald Trump’s attorney Alina Habba has assured the American people that the Democrats’ lawfare attacks will not stop the 2024 re-election campaign of the 45th POTUS.READ MORE

Republican Senators Vow to Block Biden’s Agenda in Wake of Trump VerdictSenate Republicans have pledged to push back against President Joe Biden’s agenda in response to the Democrats’ efforts to target political opponents with lawfare attacks.READ MORE

Fetterman Slams Biden’s Ceasefire Plan, Calls for Defeating HamasDemocrat Sen. John Fetterman (D-PA) has slammed President Joe Biden’s proposed “ceasefire” between Israel and Hamas.READ MORE

EVOL NEWS

CONFIRMED: Biden Caught In Another HUGE Lie – EVOLREAD MORE…

LATEST NEWS:

Biden admin offers ‘mass amnesty’ to migrants as it quietly… – EVOLRead more…Charges dropped against State Trooper Ryan Londregan in the shooting death of Ricky Cobb II – EVOLRead more…Rep. Sheila Jackson Lee diagnosed with pancreatic cancer – EVOLRead more…ALERT: Ron DeSantis Comes Out SWINGING For Donald Trump – EVOLRead more…Biden Caught In Another BLATANT Lie To Americans – EVOLRead more…Trump Makes Solemn Announcement… – EVOLRead more…Police officer stabbed during an attack at an anti-Islam rally dies – EVOLRead more…Rep. Sheila Jackson Lee diagnosed with pancreatic cancer – EVOLRead more…

NEWS ADDICTS

Biden Caught In Another BLATANT Lie To AmericansThe Biden campaign continues to propagate a falsehood regarding former President Donald Trump tear-gassing peaceful protesters outside the White House in Lafayette Square for a photo opportunity.READ THE FULL REPORT

Trump Makes Solemn AnnouncementDuring his appearance on Fox News’ “FOX and Friends Sunday,” President Donald Trump expressed his readiness to face a potential jail sentence after being found guilty in the New York falsified business records case.READ THE FULL REPORT

Ron DeSantis Comes Out SWINGING for TrumpFlorida’s Republican Governor, Ron DeSantis, delivered positive news to former President Donald Trump following the verdicts of his Manhattan trial.READ THE FULL REPORT

CONFIRMED: Biden Caught In Another HUGE LieIt has been confirmed by parties within Israel’s governing coalition that U.S. President Joe Biden made false statements to the international community regarding a ceasefire and hostage deal proposal, falsely attributing it to the Israeli government.READ THE FULL REPORT

AOC Caught Promoting UNHINGED Anti-Trump RantRep. Alexandria Ocasio-Cortez from New York recently aligned herself with an anti-Israel commentator, attributing Hamas’s large-scale terror attack on Israel on October 7 to the Abraham Accords peace deal and the inauguration of the U.S. embassy in Jerusalem. Hasan Piker said Oct. 7th was, “a direct consequence of the Abraham Accords and many of Jared Kushner’s and Donald Trump’s administration’s …READ THE FULL REPORT

LATEST REPORTS FOR NEWS JUNKIES

end

MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK

END

7.OIL PRICES/GAS PRICES/OIL ISSUES

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//

INDIA

Modi is not gold loving so a coalition will probably be every good for this nation. The citizens of India love gold

(zerohedge)

Indian Stocks Crash After Vote Reveals Modi Struggling To Win Majority In National Elections

TUESDAY, JUN 04, 2024 – 09:40 AM

According to exit polls, it was supposed to be an avalanche victory for India’s current PM Narendra Modi, assuring him of a third consecutive term…

… and the market took the early indications of a blowout victory and sent Indian stocks to an all time high. But as we warned over the weekend, exit polls, “released by various news agencies, have often been wrong in the past and are not impartial”, and boy did we just get a confirmation of today when initial tallies of the actual vote signaled that Modi’s ruling BJP party was struggling to win a majority of seats in national elections, a stunning result considering the exit polls showed he was on pace for a landslide victory.

India’s NSE Nifty 50 Index tumbled a whopping 5.9% in Mumbai, its worst day in more than four years, as counts showed Modi’s Bharatiya Janata Party and its allies in the National Democratic Alliance were leading in more than 290 seats, slightly more than 272 needed for a majority in parliament and well short of the roughly 350 they won in 2019. The rupee fell the most in a year and the 10-year yield rose.

The Nifty tumbled as much as 8.5% at one point, coming close to hitting its first circuit limit since Covid-era crash in March 2020. The selloff had echoes from the 2004 elections when the BJP’s unexpected defeat triggered a market crash. Trading was suspended twice when the S&P BSE Sensex fell more than the 10% limit, the first time in the exchange’s history.

The rout eroded the combined market value of BSE-listed companies by $386 billion to $4.73 trillion, according to data available on the exchange’s website.

As Bloomberg notes, a narrower-than-expected victory for Modi’s alliance will raise questions about the new government’s ability to push through politically difficult reforms in land and labor laws, seen as crucial by some investors to sustain India’s economic growth, already the world’s fastest. Before voting kicked off on April 19, Modi had boldly predicted that his alliance would win a whopping 400 seats.

UBS analyst Sunil Tirumalai, summarized the precarious outcome as follows: “As BJP does not have a simple majority, the bargaining power shifts materially within the alliance. Most scenarios from here could be taken negatively by the market compared to expectations last week.”

More than 20 opposition parties, spearheaded by Rahul Gandhi, formed a united front called the Indian National Developmental Inclusive Alliance in a bid to defeat Modi. A mixture of regional and caste-based groups, the alliance focused on appealing to voters who felt left out of India’s growth story, which has been marked by growing inequality, pervasive joblessness, rising living costs and growing demand for welfare support. It was on course to win more than 180 seats.

The market was quick to reverse on its Monday euphoria, and businesses linked to the government’s development goals tumbled, with Adani Ports & Special Economic Zone taking a nosedive. The yield on the 10-year bond rose eight basis points to 7.03%, the biggest jump since October.

Volatility spiked with a gauge of 30-day ahead implied swings on the NSE rising the most in two years. An index of so-called Modi stocks, as termed by CLSA, slumped, with Adani Group’s flagship unit Adani Enterprises Ltd. among the biggest decliners.

Ahead of the exit polls, which had predicted the BJP-led alliance would win over 350 of the 543 seats in the lower house of parliament, a Bloomberg survey had shown that stocks may tumble by as much as 10% if the BJP fails to cross the halfway mark of 272 seats. Opposition leaders had dismissed the exit polls when they were released over the weekend, and a senior Congress party leader described the early results on Tuesday as a “pleasant surprise.”

“We were against a lot of cynicism,” said Salman Khurshid, speaking to deKoder, an online news channel. “Our own reading on the ground was that something like this will happen or something better than this will happen.”

While the BJP-led alliance is still set to win a third term, Modi will now be more beholden on coalition partners for support, including two regional party leaders who have frequently switched allegiances in the past. One of them — Nitish Kumar, chief minister of northern Bihar state and leader of the Janata Dal (United) — had been a member of the opposition alliance when it first formed last year before defecting. The other is N Chandrababu Naidu from southern Andhra Pradesh state, who has also worked with various coalitions.

Nonetheless, investors are banking on continuity in the government’s infrastructure and manufacture-led drive to boost growth.

“I still think the policy direction of Modi will likely stay, which should support India’s economy in the longer term,” said Dong Chen, chief Asia strategist at Banque Pictet. “The valuations are expensive but we will be watching for any correction closely as it may create some entry opportunities.”

Modi had touted his administration’s efforts on boosting capital formation, which has partly helped India’s economy stay among the fastest growing in the world.

“Indian markets were trading at 140% market cap-to-GDP,” said Sameer Kalra, founder of Target Investing Pvt., referring to the expensive equity valuations. “If there is some uncertainty in future policy moves there can be a major correction.”

END   

YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING

EURO VS USA DOLLAR:  1.0866 DOWN .0042

USA/ YEN 155.16 DOWN .917 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//

GBP/USA 1.2754 DOWN .0054

USA/CAN DOLLAR:  1.3685 UP .0057 (CDN DOLLAR DOWN 57 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED UP 12.71 PTS OR 0.41%

 Hang Seng CLOSED UP 41.04 PTS OR 0.22%

AUSTRALIA CLOSED DOWN .31 %

 // EUROPEAN BOURSE:     ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL RED

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 41.07 OR 0.22%

/SHANGHAI CLOSED UP 12.71 PTS OR 0.41%

AUSTRALIA BOURSE CLOSED DOWN .31%

(Nikkei (Japan) CLOSED UP 85.57 PTS OR 0.22%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 2327.50

silver:$29.87

USA dollar index early TUESDAY  morning: 104.24 UP 16 BASIS POINTS FROM MONDAY’s CLOSE.

TUESDAY  MORNING NUMBERS ENDS

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And now your closing  TUESDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.124% DOWN 3 in basis point(s) yield

JAPANESE BOND YIELD: +1.007% DOWN 4 AND 2/ 100   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.236 DOWN 6 in basis points yield

ITALIAN 10 YR BOND YIELD 3.867 DOWN 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.535 DOWN 4 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR  TUESDAY  

Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM

Euro/USA 1.0875 DOWN  0.0033 OR 33 basis points

USA/Japan: 154.88 DOWN 1.23 OR YEN IS UP 109 BASIS PTS

Great Britain 10 YR RATE 4.2265 DOWN 4 BASIS POINTS //

Canadian dollar DOWN .0040 OR 40 BASIS pts  to 1.3689

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The USA/Yuan,  CNY ON SHORE CLOSED UP AT 7.2413 (ON SHORE)  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)…. (7.2483)

TURKISH LIRA:  32.47 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield  at +1.007…

Your closing 10 yr US bond yield DOWN 5 in basis points from MONDAY at  4.349% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4.504 DOWN 5 in basis points  /12.00 PM

USA 2 YR BOND YIELD: 4.781 DOWN 4 BASIS PTS.

GOLD AT 11;30 AM 2319.15

SILVER AT 11;30: 29.45

Your  12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates:  TUESDAY CLOSING TIME 12:00 PM//

London: CLOSED DOWN 30.71 PTS OR 0.15%

German Dax :  CLOSED DOWN 202.52 PTS OR 1.09%

Paris CAC CLOSED DOWN 60.12 PTS OR 0.75 %

Spain IBEX CLOSED DOWN 110.80 OR 0.97%

Italian MIB: CLOSED DOWN 384,04 PTS OR 1.14%

PTS

WTI Oil price  72.96 12EST/

Brent Oil:  77.00 12:00 EST

USA /RUSSIAN ROUBLE ///   AT:  88.79 ROUBLE UP 0 AND  31/100      

GERMAN 10 YR BOND YIELD; +2.538 DOWN 4 BASIS PTS.

UK 10 YR YIELD: 4.2265 DOWN 4 BASIS POINTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.0882 DOWN 0.0026    OR 26 BASIS POINTS

British Pound: 1.2779 DOWN 0.0031 OR 31 basis pts

BRITISH 10 YR GILT BOND YIELD:  4.2115 DOWN 4 BASIS PTS//

JAPAN 10 YR YIELD: 1.007%

USA dollar vs Japanese Yen: 154.74 DOWN 1.343/ YEN UP 134 BASIS PTS//

USA dollar vs Canadian dollar: 1.3680 UP 00052 //CDN dollar DOWN 52 BASIS PTS

West Texas intermediate oil: 73.28

Brent OIL:  77,51

USA 10 yr bond yield DOWN 7 BASIS pts to 4.332

USA 30 yr bond yield DOWN 9 BASIS PTS to 4.479%

USA 2 YR BOND: DOWN 5 PTS AT  4.773

USA dollar index: 104.06 DOWN 2 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 32.63 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  88.80 UP 0  AND  29//100 roubles

GOLD  2,326.90 3:30 PM

SILVER: 29,53 3;30 PM

DOW JONES INDUSTRIAL AVERAGE: UP 140.06 PTS OR 0.36 %

NASDAQ up 50.37 PTS OR 0.27 %

VOLATILITY INDEX: 13.28 UP.17 PTS OR 1.30%

GLD: $215,27 DOWN 1.95 OR 0.90%

SLV/ $27.02 DOWN .87 OR 3.12%

end

USA AFFAIRS

TODAY’S TRADING IN GRAPH FORM

Bonds & Bitcoin Bid (But Not Stocks) As ‘Bad’ News Jolts Rate-Cut Hopes Back To Life

TUESDAY, JUN 04, 2024 – 04:00 PM

Weak labor market data (JOLTS big miss) and mixed Orders (Manufacturing beat, Durables miss) sent ‘hard’ data’ to its weakest since the start of the year..

Source: Bloomberg

…and that ‘bad’ news was enough to spark another dovish leg higher in rate-cut expectations…

Source: Bloomberg

BUT… and its a big but, stocks didn’t love the ‘bad news’. Small Caps were particularly ugly but an afternoon srge lifted the majors green but they could not hold all the gains…

Source: Bloomberg

As David Rosenberg noted on X:

“The fact that equities are not responding well to the renewed pullback in Treasury yields and the swaps market beginning to price in a September rate cut is signaling something important: that stock market investors are also becoming concerned about the economic slowdown and what it means for the earnings outlook.”

And as Goldman’s trading desk noted, volumes extremely muted tracking -15% vs the 20dma with S&P top of book down after elevated levels in May.

• Our floor is much better for sale, led mostly by HF longs, although LO’s are also better for sale but activity feels muted from the group.
• HFs are selling tech, industrials, and macro products. Important to note they are not better buyers of any sector across our floor today.
• LOs are buying tech + Hcare, vs selling Industrials.

On the other hand, bonds were clear on which direction to head (lower in yield) with the long-end marginally outperforming, and the yield curve flattening (inverting deeper) for the last four days…

Source: Bloomberg

The 10Y yield closed at its lowest in two months…

Source: Bloomberg

The dollar whipsawed AGAIN today, spiking overnight, only to be sold during the US session to end flat on the day…

Source: Bloomberg

Bitcoin surged back up to $71,000 today…

Source: Bloomberg

…after the 15th straight day of net inflows into BTC ETFs…

Source: Bloomberg

Gold slipped back to yesterday’s lows (ignoring the dollar’ retreat this afternoon)…

Source: Bloomberg

Oil prices plunged back to a $72 handle (WTI) – the lowest in four months…

Source: Bloomberg

Finally, as economic data continues to underwhelm (ISM Manuf, JOLTs), the US economic surprise index has inflected to its lowest level in 5+ years…

Source: Bloomberg

..but Goldman’s Cylicals vs Defensive pair remains in full growth mode.

Who will be right?

MORNING TRADING//

AFTERNOON TRADING/FOMC MINUTES

II USA DATA

the economy is faltering

Job Openings Tumble With Hiring Stuck At 2018 Levels

TUESDAY, JUN 04, 2024 – 10:35 AM

After several months of relatively boring JOLTS prints, last month Janet Yellen’s favorite labor market indicator once again got exciting and not in a good way, as the number of March job openings unexpectedly plunged by 325K, pulling the total to 8.5 million, the lowest in three years. Then, moments ago the BLS reported the latest April update and it was even worse.

Starting at the top, according to the April JOLTS reported, job openings unexpectedly plunged by 296K, from an downward revised 8.355 million in March (which meant the March drop was upward revised to 458K) to just 8.059 million, far below the 8.350 million expected – and the lowest number since February 2021 when it last printed below 8 million.

The 291K miss to estimates of 8.350 million, was big but not as big as last month’s revised miss which was 325K (and has been revised even higher). Still, the two consecutive misses are the biggest since mid-2023.

According to the DOL, in April job openings decreased in health care and social assistance (-204,000) and in state and local government education (-59,000) but increased in private educational services (+50,000).

The silver lining: last month’s record collapse in construction jobs from 456K to 274K, a 182K one-month drop and the biggest on record, was upward revised dramatically higher, with the March number now at 346K, although April saw another drop to 338K if not nearly quite as dramatic. Still, the 2-month drop in construction job openings is still the biggest on record.

In the context of the broader jobs report, in March the number of job openings was 1.567 million more than the number of unemployed workers (which the BLS reported was 6.492 million), down significantly from last month’s 1.926 million and the lowest since June 2021.

Said otherwise, in April the number of job openings to unemployed dropped to just 1.24, a sharp slide from the March print of 1.30, the lowest level since June 2021 and now officially back to pre-covid levels.

A quick look at the number of quits, an indicator closely associated with labor market strength as it shows workers are confident they can find a better wage elsewhere, shows that after last month’s unexpected plunge by 118K (revised from a collapse 198K), in April the number of quits actually rose by 98K to 3.507 million, which is back to the range observed in the pre-covid days.

Also notable is that amid the stagnant level of job openings, the number of hires has remained flat in the mid-5 million level (in April it rose modestly to 5.640 million from 5.617 million) – close to the lowest since Jan 2018 (excluding the record one-month plunge due to covid), and is now also well below pre-covid levels.

Finally, no matter what the “data” shows, let’s not forget that it is all just estimated, and it is safe to say that the real number of job openings remains still far lower since half of it – or some 70% to be specific – is guesswork. As the BLS itself admits, while the response rate to most of its various labor (and other) surveys has collapsed in recent years, nothing is as bad as the JOLTS report where the actual response rate remains near a record low 33%

In other words, more than two thirds, or 70% of the final number of job openings, is estimated!

And at a time when it is critical for Biden to still maintain the illusion that at least the labor market remains strong when everything else in Biden’s economy is crashing and burning, we’ll let readers decide if the admin’s Labor Department is plugging the estimate gap with numbers that are stronger or weaker (we already know that they always get revised lower next month).

III  USA ECONOMIC COMMENTARIES

NEW YORK

20% Of New York City Hotels Are Now Migrant Shelters

TUESDAY, JUN 04, 2024 – 07:20 AM

Authored by Mike Shedlock via MishTalk.com,

New York City hotel prices have never been higher. Illegal immigration is part of the reason why. Mayoral graft is another…

The New York Times explains Why N.Y.C. Hotel Rooms Are So Expensive Right Now

In late 2022, as thousands of migrants began to arrive in New York City, city officials scrambled to find places to house them. They quickly found takers: hotels that were still struggling to recover from the pandemic-driven downturn in tourism.

Dozens of hotels, from once-grand facilities to more modest establishments, closed to tourists and began exclusively sheltering migrants, striking multimillion-dollar deals with the city. The humanitarian crisis became the hotel industry’s unexpected lifeline in New York; the hotels became a safe haven for tens of thousands of asylum seekers.

The average daily rate for a hotel stay in New York City increased to $301.61 in 2023, up 8.5 percent from $277.92 in 2022, according to CoStar, a leading provider of commercial real estate data and analysis. During the first three months of 2024, when prices traditionally dip, the average stay was still 6.7 percent higher than during the same time period last year: $230.79 a night, up from $216.38 in 2023.

The use of city hotels for migrants represents a loss of 16,532 hotel rooms, leaving 121,677 hotel rooms for travelers, according to data compiled by CoStar, a leading provider of commercial real estate data and analysis.

That’s 2,812 fewer hotel rooms than existed in the period just before the pandemic — a shortage that is being acutely felt.

About 65,000 migrants are being sheltered in hotels, tent dormitories and other shelters, in large part because of the city’s legal obligation to provide a bed to anyone who needs one. The city projects it will spend $10 billion over three fiscal years on the migrant crisis.

Other factors, including some driven by policies that Mayor Eric Adams and his predecessor, Bill de Blasio, supported, have also contributed to higher room rates.

In September, city officials began to enforce a new law meant to curb the proliferation of short-term rentals, such as those listed on Airbnb, which used to account for over 10 percent of all tourist accommodations in the city. The crackdown obliterated most short-term Airbnb listings — a phenomenon that some observers said might have had an even larger impact on hotel rates than the migrant crisis.

The number of Airbnb listings in New York City for short stays — under 30 days — plummeted by 83 percent to just 3,705 apartments in March 2024, down from 22,247 listings in August 2023, the month before the law went into effect, according to AirDNA, an unaffiliated company that collects data from short-term rental listings. Most of the remaining Airbnb listings in the city, about 90 percent, are only available for stays of over 30 days.

The law, Local Law 18, was aggressively backed by the hotel industry and the hotel workers union, both supporters of Mayor Adams.

Three Things

• Uncontrolled immigration
• An alleged right to shelter
• A corrupt mayor purposely removes listings to benefit a favored political group.

The cost to the city is $10 billions. Taxpayers are on the hook for the cost.

Where Do We Put 8 Million Illegal Immigrants?

On May 23, I noted Competing Forces on Rent, then asked Where Do We Put 8 Million Illegal Immigrants?

Millions of immigrants keep pouring in. New residential construction has stalled and multi-family construction is in decline. Completions are rising, but is that enough housing?

We have at least a partial answer now.

CALIFORNIA

Rubio’s Coastal Grill Closing 48 Locations In California Due To “Rising Costs Of Business In The State“

MONDAY, JUN 03, 2024 – 05:40 PM

Rubio’s Coastal Grill, best known for its fish tacos, is shuttering 48 locations in California due to the “rising cots of business in the state”, according to a new report from ABC 10. 

The business, based in Southern California, announced the closures in a statement this weekend that read: “Making the decision to close a store is never an easy one.”

It continued: “Rubio’s Coastal Grill…after a thorough review of its operations and the current business climate, has decided to close 48 underperforming locations in California as of May 31, while keeping 86 stores in California, Arizona and Nevada open.”

Jot Condie, president and CEO of the California Restaurant Association, warned that these closures could just be the beginning for the state: “Daily headlines have chronicled job losses, reduced working hours, restaurant closures and higher prices for California’s inflation-weary consumers as a direct result of this minimum wage hike.”

He continued:  “Feedback from our members suggests this has become a breaking point for many small restaurant businesses.”

ABC reported that Condie believes more closures will follow if the state follows through on plans for an $18 minimum wage, which will be on the ballot for voters to decide on this November. 

Rubio’s closed 48 locations, including 11 in Northern California, 24 in Los Angeles, and 13 in San Diego.

The El Dorado Hills Town Center branch reportedly missed several rent payments, leading to a dispute with the landlord. The center issued a three-day eviction ultimatum to Rubio’s, which closed the site the day after receiving the notice, according to town center spokeswoman Dawn Bricker.

Bricker noted the business essentially fled overnight. Rubio’s confirmed the closure but did not comment on potential legal actions by the town center.

The company was founded in 1983 in San Diego and is headquartered in Carlsbad, California. 

IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and  PERVASIVE ANTISEMITISM/WOKISM

just what the USA needs!

(zerohedge)

Pro-Palestinian Encampment Erected At LA City Hall; Protesters To Surround White House

TUESDAY, JUN 04, 2024 – 03:00 PM

Get ready for Pro-Palestinian demonstrations to spill over from universities and colleges onto city streets this summer.

Just days ago, we were the first to report that the ANSWER (Act Now to Stop War and End Racism) group is planning to surround the White House this Saturday. Now, new reports indicate that a pro-Palestinian protester encampment was erected outside the Los Angeles City Hall in the overnight hours.

Let’s begin with the news from the local media outlet KABC:

Pro-Palestinian protesters set up an encampment Monday night in front of Los Angeles City Hall.

About 21 tents with about 50 protesters were seen lined up on the sidewalks outside the building at Main Street and First Street

AIR7 HD was above city hall and captured several tents with Palestinian flags and phrases such as “Free Palestine” and “Free Gaza.”

At 0124 local time, the Los Angeles Police Department wrote on X, “Central Bureau is monitoring a non-permitted demonstration occurring in the Civic Center portion of DTLA.  Please use caution in the area due to people in the roadway.” 

We suspect there is a much larger plan for pro-Palestinian protesters to erect encampments outside numerous city halls in major metro areas. In just days, the ANSWER will surround the White House. 

On flyers, ANSWER wrote, “Get on a bus to DC” and “Surround the White House for Palestine.” 

“June 8 marks 8 months of US-Israeli genocide of the Palestinian people, and marks the 54th anniversary of the occupation of Gaza. A month ago, Biden said that the invasion of Rafah was a red line. But now, the invasion of Rafah has continued for weeks, has expanded to the entire Gaza Strip, Biden’s red line is nowhere to be seen,” ANSWER wrote on its website. 

The spillover from schools to city streets could be imminent, adding another challenge for the Biden administration. 

END

iiiC USA COVID //VACCINE ISSUES

Big Pharma Paid $690 Million To Fauci’s Agency During Pandemic

TUESDAY, JUN 04, 2024 – 06:30 AM

By Adam Andrzejewski, CEO and founder of OpenTheBooks.com, the largest private database of public spending.

During the pandemic, the American people started to feel that Big Government was very cozy with Big Pharma. Now we know just how close they were.

New data from the National Institutes of Health reveals the agency and its scientists collected $710 million in royalties during the pandemic, from late 2021 through 2023. These are payments made by private companies, like pharmaceuticals, to license medical innovations from government scientists.

Almost all that cash — $690 million — went to the National Institute of Allergy and Infectious Disease (NIAID), the subagency led by Dr. Anthony Fauci, and 260 of its scientists.

Information about this vast private royalty complex is tightly held by NIH. My organization, OpenTheBooks.com, was forced to sue to uncover the royalties paid from September 2009 to October 2021, which amounted to $325 million over 56,000 transactions.

We had to sue a second time, with Judicial Watch as our counsel, to pry open this new release.

Payments skyrocketed during the pandemic era: those years saw more than double the amount of cash flow to NIH from the private sector, compared to the prior twelve combined. All told, it’s $1.036 billion.

It’s unclear if any of the Covid vaccine royalties from Pfizer and Moderna, the latter of which settled with NIH by agreeing to pay $400 million, is even included in these new numbers. NIH isn’t saying.

The American people have one last crack at getting some candor from Fauci, the face of our COVID response, when he testifies Monday before the House Select Subcommittee on the Coronavirus Pandemic.

There’s plenty to answer for.

He’s spent years scoffing at questions about potential conflicts of interest between COVID policymakers, who relentlessly pushed vaccines, and recipients of private royalties.

Now he’ll also need to account for bombshell emails sent by one of his deputies, which described in-house strategies to circumvent the federal Freedom of Information Act.

Fauci won’t be able to misspell words to evade scrutiny or have folks physically courier messages — just two of the FOIA-avoiding actions described by Dr. David Morens, a key Fauci deputy.

Instead, cameras from around the world will be trained on Fauci and he’ll be answering for information he gave in a sworn deposition earlier this year.

It’s a chance to either come clean or further cement the public’s perception of him and the NIH as secretive and self-interested.

Beyond this small cabal of scientists covering up discussions of the virus’ origin, NIH has consistently treated FOIA requests like viral attacks of their own. No wonder, then, that we’re plaintiffs in six ongoing FOIA cases.

Characteristically, NIH is still redacting pieces of the data that would help us more easily connect therapeutics with their government-paid inventors. For example, they refuse to show us the amount of royalties paid to each individual scientist. So we still can’t entirely follow the money.

In the meantime, Sen. Rand Paul has sponsored the Royalty Transparency Act, which sailed unanimously through the committee process and deserves a floor vote immediately.

There’s plenty Fauci could do in the meantime, too. He could indicate he supports bills like Paul’s. He could call on NIH and CDC to voluntarily “unmask” the royalty payments. Then we could see whether their decisions have advanced the general welfare or their own.

Fauci could also support fixes to the FOIA law that create real consequences for those who purposely violate it.

At minimum, he must apologize for the utter contempt for FOIA, and the transparency war waged by his colleagues that’s now been revealed in private communications.

Among the government’s most basic duties to the public are providing for the general welfare and reporting its income and spending.

As Dr. Fauci wraps five decades in government having become its highest-paid bureaucrat, he should consider ticking those boxes again. For old times’ sake.

END

FREIGHT ISSUES/USA

END

VICTOR DAVIS HANSON OR NEWT GINGRICH

The Fake Conviction: Gingrich

TUESDAY, JUN 04, 2024 – 10:40 AM

Authored by Newt Gingrich via RealClearPolitics,

Americans are now being forced to think through the first fake conviction in the history of presidential politics.

As an historian, I am really bothered when I hear lawyers on television describe these proceedings as though they were somehow related to the rule of law and the normal legal process.

It is clear that what happened to President Donald J. Trump in Judge Juan Merchan’s court was not a legitimate conviction. Nearly every element of the prosecution was false. Therefore, the outcome is false.

To say President Trump is now a convicted felon – as the left and its propaganda media allies are practically singing – is to legitimize the most corrupt judicial event in American presidential history.

The burden of proof is not on President Trump. He remains an innocent citizen framed by an astonishingly corrupt district attorney, judge, and Biden Justice Department.

Don’t take my word for it alone. Consider what a host of experts have to say.

Alan Dershowitz, professor emeritus at Harvard, sat through much of the trial and condemned it with strong language in his newsletter:

“I have observed and participated in trials throughout the world. I have seen justice and injustice in China, Russia, Ukraine, England, France, Italy, Israel, as well as in nearly 40 of our 50 states.

But in my 60 years as a lawyer and law professor, I have never seen a spectacle such as the one I observed sitting in the front row of the courthouse yesterday.

“The judge in Donald Trump’s trial was an absolute tyrant, though he appeared to the jury to be a benevolent despot. He seemed automatically to be ruling against the defendant at every turn.”

George Washington Law professor and legal analyst Jonathan Turley said, “Before jurors left, however, Judge Juan Merchan framed their deliberations in a way that seemed less like a jury deliberation than a canned hunt.”

Attorney Mike Davis on the Just the News “No Noise” TV show said: “I would say the first one is there is no crime here. They waited until after this multi-week trial to even tell the criminal defendant what the legal allegations he was supposed to defend himself in that prior trial. He had no opportunity to defend himself.”

An innocent citizen being “hunted,” in Turley’s language, cannot be honestly convicted. That is why I argue this is a fake conviction.

Again, I’m not the only one who thinks this.

Senate Minority Leader Mitch McConnell, who is hardly a fan of President Trump, said, “These charges never should have been brought in the first place. I expect the conviction to be overturned on appeal.”

House Speaker Mike Johnson called it “a shameful day in American history,” and continued, “Alvin Bragg targeted a political opponent, made up unprecedented charges, and denied him his Constitutional right to a fair trial.”

House Republican Conference Chairwoman Elise Stefanik summarized the corruption and dishonesty brilliantly:

“The facts are clear: this was a zombie case illegally brought forward by a corrupt prosecutor doing Joe Biden’s political bidding in a desperate attempt to save Joe Biden’s failing campaign.

She pointed out that the case hinged on the word of Michael Cohen, who has a history of perjury and an axe to grind with Trump. She pointed out that Judge Merchan’s own family members benefited financially from the case, that he levied unconstitutional gag orders on Trump, and repeatedly sided with the prosecution throughout the case.

Mark Steyn captured why we must insist that the conviction is fake and reject any effort to suggest that Trump is guilty. As Steyn wrote: “pretending that there is anything ‘great’ about this that should command our ‘respect,’ is making evil and corruption respectable and bi-partisan.”

Ironically, in a Senate hearing involving smears and sexually salacious accusations chaired by then-Sen. Joe Biden 33 years ago, we were taught how to stand up to outrageous, corrupt, and disgusting behavior by then-Supreme Court Justice nominee Clarence Thomas.

After being repeatedly slandered by senators on Biden’s committee, on Oct. 11, 1991, Thomas said:

“This is a circus. It’s a national disgrace. And from my standpoint as a black American, as far as I’m concerned, it is a high-tech lynching for uppity blacks who in any way deign to think for themselves, to do for themselves, to have different ideas, and it is a message that unless you kowtow to an old order, this is what will happen to you. You will be lynched, destroyed, caricatured by a committee of the U.S. Senate, rather than hung from a tree.”

A generation later, President Trump, is learning what Justice Thomas learned in 1991: Challenge the establishment, and it will go all out to destroy you.

Every time you talk with someone who says President Trump is a convicted felon, point out it is a fake conviction. Challenge them to defend the dishonest, corrupt people who are putting the nation through this mess – starting with President Biden, the leader of the corrupt and dishonest.

For more commentary from Newt Gingrich, visit Gingrich360.com. Also subscribe to the Newt’s World podcast.

END

SWAMP NEWS

END

KING REPORT

The King Report June 4, 2024 Issue 7256

Independent View of the News

GameStop Shares Double After ‘Roaring Kitty’ Posts $180 Million Bet Shares of GameStop Corp. jumped as much as 100% in early premarket trading in New York after the Reddit account affiliated with ‘meme’ stock trader Keith Gill, aka Roaring Kitty… On line two, he bought 120,000 call options worth $65.7 million, expiring on June 21… https://www.zerohedge.com/markets/gamestop-shares-double-after-roaring-kitty-posts-174-million-bet   And to think that money managers must convince their clients that the US equity market is…   US ISM Manufacturing for May: 48.7; 49.5 expected, 49.2 priorPrices Paid: 57.0, 59 expected, 60.9 priorNew Orders: 45.4, 49.4 expected, 49.1 priorEmployment: 51.1, 48.5 expected, 48.6 prior  USMs rallied sharply on the weak May ISM Manufacturing survey.   Atlanta Fed: The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 1.8 percent on June 3, down from 2.7 percent on May 31. After recent releases from the US Census Bureau and the Institute for Supply Management, the nowcasts for annualized second-quarter real personal consumption expenditures growth and real private fixed investment growth declined from 2.6 percent and 3.1 percent, respectively, to 1.8 percent and 1.5 percent. (Two weeks ago, the GDPNow model estimated Q2 GDP at 4.1%!)  https://www.atlantafed.org/cqer/research/gdpnow   ESMs rallied smartly during the first 2.5 hours of Nikkei trading and then traded sideways, with a slight upward bias, until they hit a peak of 5313.25 at 2:38 ET and then sank to 5295.00, and went slightly negative, at 4:02.  ESMs then steadily rallied until they formed a triple top at 5313.25 near the NYSE opening.  After the May US ISM Manufacturing survey was released, ESMs sank to 5295 at 10:44 ET.   After a moderate rebound on conditioned buying, defensive asset allocators got busy.  ESMs tumbled to 5246.75 at 13:11 ET.  Because it was the afternoon and beaucoup traders were trapped on the long side, it was time to buy for the late manipulation and start-of-June buying near or at the NYSE close.   ESMs jumped to 5276.50 at 13:44 ET and then stair stepped up to 5286.25 at 13:21 ET.  They then went flat until they broke higher at 15:55 ET on more manipulation.  ESMs hit 5300.75 at 16:00 ET.   NIH scientists made $710M in royalties from drug makers — a fact they tried to hide During the pandemic, the American people started to feel that Big Government was very cozy with Big Pharma.   Now we know just how close they were.     New data from the National Institutes of Health reveal the agency and its scientists collected $710 million in royalties during the pandemic, from late 2021 through 2023. These are payments made by private companies, like pharmaceuticals, to license medical innovations from government scientists… https://nypost.com/2024/06/02/opinion/nih-scientists-made-710m-in-royalties-from-drug-makers-a-fact-they-tried-to-hide/   Damning new report finds China lab leak most likely source of COVID-19 — and blames US for pumping millions into the dangerous research (Report by Alina Chan, a Harvard and MIT molecular biologist…)  https://nypost.com/2024/06/03/us-news/us-funded-covid-lab-leak-in-china-damning-report-finds/   Positive aspects of previous session Bonds rallied sharply; Fangs rallied because Nvidia soared 4.9% Oil and gasoline tumbled; but copper rallied sharply The afternoon manipulation appeared and saved trapped longs   Negative aspects of previous session Stocks got hammered, until the afternoon, on defensive asset allocation   Ambiguous aspects of previous session How active will defensive asset allocators be in the coming days?   First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Up   Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5273.28 Previous session S&P 500 Index High/Low: 5302.11, 5234.32   US buys 3 million barrels of oil for Strategic Petroleum Reserve http://reut.rs/3yJ1CIy   @ReutersBiz: Advanced Micro Devices unveiled its latest artificial intelligence processors and detailed its plan to develop AI chips over the next two years in a bid to challenge industry leader Nvidia. More here: https://t.co/TUGpOmibsU   Eyepopping Factory Construction Boom in the US: Semiconductors, Auto Industry, and Everyone Else – Companies plowed $18.4 billion in April into the construction of manufacturing plants in the US, a seasonally adjusted annual rate of construction spending of a record $212 billion, according to the Census Bureau today. This was up by 140% to 200% from the range in 2015 through mid-2021… https://wolfstreet.com/2024/06/03/eyepopping-factory-construction-boom-in-the-us-semiconductors-auto-industry-and-everyone-else/   @ABCNewsLive: Israeli forces confirmed the deaths of four more hostages: Haim Perry, Yoram Metzger, Amiram Cooper and Nadav Popplewell.  The four hostages likely died a few months ago in Khan Yunis in southern Gaza, an IDF spokesman said.   Kirby Throws Own US Military Under the Bus While Trying to Defend Israel Kirby essentially threw the US military under the bus by suggesting American troops have done worse things than what Israel’s military is doing in Gaza… https://www.zerohedge.com/political/watch-kirby-throws-own-us-military-under-bus-while-trying-defend-israel   Mexico elects its first female president, a leftist climate scientist – Sheinbaum will start her six-year term Oct. 1, succeeding her mentor, President Andrés Manuel López Obrador. https://justthenews.com/world/mexico/mexico-elects-its-first-female-president-leftist-climate-scientist   Today – Despite upward seasonal bias from Monday and start-of-June, stocks sank on aggressive defensive asset allocation.  The key for the coming days will be the presence or absence of defensive asset allocators.  Of course, the usual suspects will increase their braying for a rate cut.  But the Fed is vexed by the STAGFLATION (and US Fang Bubble) that Jerome will not or cannot admit exists.   Please note that the late manipulation is getting more brazen and blatant.  Good thing Ex-Hillary campaign CFO and Ex-Goldman official (from Rubin’s coterie) Gary Gensler is the Director of the SEC!   Expected economic data: Apr JOLTS Job Openings 8.36m; Apr Factory Orders 0.6% m/m, Ex-Trans 0.3%; Apr Durable Goods 0.7% m/m, Ex-Trans 0.4%, Nonder Ex-Air 0.3%   NQMs are +24.250; ESMs are +5.50; USMs are +1/32 at 20:55 ET.  Traders are still rip-roaring bullish!   S&P Index 50-day MA: 5182; 100-day MA: 5091; 150-day MA: 4915; 200-day MA: 4778 DJIA 50-day MA: 38,838; 100-day MA: 38,685; 150-day MA: 37,733; 200-day MA: 36,803 (Green is positive slope; Red is negative slope)   S&P 500 Index (5283.40 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 4670.23 triggers a sell signal Weekly: Trender is positive; MACD is negative – a close below 5071.73 triggers a sell signal Daily: Trender is positive; MACD is negative – a close below 5232.86 triggers a sell signal Hourly: Trender and MACD are positive – a close below 5222.48 triggers a sell signal   @DefiyantlyFree: So let me get this straight, Merrick Garland, the Attorney General of the United States of America handed over the transcript of the President of United States answering questions about the felonies he committed to Congress and when they asked for the audio to back up the transcript, the same AG who is putting members of Trump’s former team in prison for asserting executive privilege asserted executive privilege?   And then upon being sued, classified these tapes with the highest classification markings so that no one could get them because he knows he doctored those transcripts when he handed them over to Congress?  Did I get that right? And this is not the biggest story in America?   Law firm that employed Hunter Biden devised secret 58-page plan to help Burisma dodge criminal probe – FBI has known details since 2016 when it seized evidence from the first son’s business partners. https://justthenews.com/government/federal-agencies/hunter-bidens-law-firm-secretly-laid-out-58-page-plan-help-burisma   @JoelWBerry: A DC judge just sentenced 75-year-old Paulette Harlow, who is in poor health, to 2 years in prison for praying outside an abortion clinic. Her husband fears she might die there.   @pepesgrandma: DC judges let criminals back on the streets yet imprison a 75 year old woman for praying.  Welcome to Bidens America!   @libsoftiktok on Monday: 2 NYPD officers were shot last night by a Venezuelan who’s in our country illegally. He entered our country illegally in 2023 and was released into our country by the Biden admin. He’s been staying at a taxpayer funded migrant shelter in NY.   @WallStreetSilv: President Trump says he would declassify the Jeffrey Epstein, JFK, and 9/11 files if he wins again.  @elonmusk responds: Needs to amp up security and have a VP who is super based, so the incentive to punch his ticket is low.   @DrEliDavid: Red Cross in 1944: “We found no trace of installations for exterminating civilian prisoners in Auschwitz” – Red Cross in 2024: “We found no evidence of weapons or hostages being kept in hospitals in Gaza”  https://x.com/DrEliDavid/status/1797604955509215299   @BreannaMorello: The jury has been selected in Hunter Biden’s gun trial. This normally drags on for days—interestingly it only took a few hours for them (DOJ) to stack the jury in his favor.   @paulsperry_: Special Counsel Weiss: “Having failed to persuade this Court there are defects in the prosecution related to prosecutorial selectiveness or Russian malign influence, the defendant [Hunter]has adjusted course on the eve of trial: blaming his crimes on the gun shop to which he lied.”   Rep. Jason Smith says he’ll seek criminal referral against Hunter Biden for lying to Congress (House Ways & Means Chair) Smith says he’ll be making the referral based on evidence provided by the two IRS whistleblowers proving the first son lied during deposition on at least three different counts… https://justthenews.com/videos/rep-jason-smith-says-hell-seek-criminal-referral-against-hunter-biden-lying-congress   @simonateba: The JUSTICE SYSTEM IN CRISIS – THIS IS NOT FROM A MOB MOVIE: MINNEAPOLIS: A juror in a major fraud trial has just been dismissed after disclosing she received a bag with $120,000 cash to vote for the acquittal of seven defendants charged with embezzling over $40 million from a pandemic-era child nutrition program. Assistant U.S. Attorney Joseph Thompson condemned the bribe as “outrageous” and likened it to scenes from mob movies… https://x.com/simonateba/status/1797765311409664479   @TheBabylonBee: New York Prosecutor Says Nobody in America Is Above the Law He Made Up to Convict Them https://buff.ly/3yHSt2Z   @ProdigalThe3rd: Read this book: “The average professional in this country wakes up in the morning, goes to work, comes home, eats dinner, and then goes to sleep, unaware that he or she has likely committed several federal crimes that day. Why? The answer lies in the very nature of modern federal criminal laws, which have exploded in number but also become impossibly broad and vague.    In Three Felonies a Day, Harvey A. Silverglate reveals how federal criminal laws have become dangerously disconnected from the English common law tradition and how prosecutors can pin arguable federal crimes on any one of us, for even the most seemingly innocuous behavior. The volume of federal crimes in recent decades has increased well beyond the statute books and into the morass of the Code of Federal Regulations, handing federal prosecutors an additional trove of vague and exceedingly complex and technical prohibitions to stick on their hapless targets. The dangers spelled out in Three Felonies a Day do not apply solely to “white collar criminals,” state and local politicians, and professionals.  No social class or profession is safe from this troubling form of social control by the executive branch, and nothing less than the integrity of our constitutional democracy hangs in the balance.”  https://x.com/ProdigalThe3rd/status/1796540325256687847   @bonchieredstate: The WaPo CEO told his staff that they were losing money hand-over-fist and their audience had been halved… and a reporter responded by asking him if he had interviewed any “women or people of color.”  https://x.com/bonchieredstate/status/1797776788799803872   “I Can’t Sugarcoat It Anymore”: Will Lewis Bluntly Defends Washington Post Shake-Up Later in the meeting, another reporter asked Lewis whether “any women or people of color were interviewed and seriously considered for either of these positions,” a question that prompted applause…     At one point Lewis was asked whether he was intentionally bringing in people who come from a different culture than the Post. “We are losing large amounts of money. Your audience has halved in recent years. People are not reading your stuff. I can’t sugarcoat it anymore,” Lewis said. “So I’ve had to take decisive, urgent action to set us on a different path, sourcing talent that I have worked with that are the best of the best.”… https://www.vanityfair.com/news/story/washington-post-shakeup

GREG HUNTER 

END

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